In a move to bolster the local economy and support entrepreneurial ventures, the Government of the Virgin Islands has launched a Small Business Development Grant Programme.
According to a recent media release, this initiative, designed to empower local entrepreneurs, is set to provide crucial financial assistance and support services to eligible micro and small businesses across the territory.
Spearheaded by the Ministry of Financial Services, Labour and Trade, the programme offers financial grants ranging from $1,000 to $7,000. These funds are aimed at helping businesses overcome financial barriers and invest in areas critical to their growth and expansion.
Eligible businesses can use the grant for a variety of purposes, including: the purchase of essential equipment, inventory management, marketing and sales support, employee development, technology and software acquisition, professional fees and business certification costs
To qualify for the grant, businesses must meet several criteria. They must be wholly owned by Belongers who have resided in the BVI for at least three continuous years, be registered in the Virgin Islands, and hold a valid trade license with up-to-date payments. Additionally, the business must have been operational for at least one year, have 20 or fewer employees, and generate an annual gross revenue not exceeding $250,000.
The application period for the grant programme will run from September 2 to 30. Eligible businesses are encouraged to visit the government’s website to access programme details and submit their applications.
Minister for Financial Services, Labour and Trade, Honourable Lorna Smith expressed her enthusiasm for the programme, emphasizing its potential to stimulate economic growth and strengthen the entrepreneurial landscape in the Virgin Islands.
“The Small Business Development Grant Programme is a testament to our government’s commitment to fostering a thriving entrepreneurial environment in the Virgin Islands. We believe that by empowering our local businesses, we are investing in the future of our economy and creating opportunities for all,” Minister Smith stated.