Premier Dr. the Hon. Natalio Wheatley has signalled his willingness to reconsider the maximum grant amount offered under the government’s Small Business Development Grant Programme.
Currently capped at $7,000, the grant programme supports small and medium-sized businesses in overcoming financial hurdles and fostering growth.
Speaking on the local radio program Talking Points, Premier Wheatley acknowledged the need to address the varying financial requirements of businesses, particularly those that may need more than the current maximum to achieve their goals.
The Small Business Development Grant Programme provides financial support ranging from $1,000 to $7,000. Funds can be utilized for: Purchasing essential equipment, Managing inventory, Supporting marketing and sales initiatives, Employee development, Acquiring technology and software, and Covering professional fees and certification costs.
The premier emphasized that funding remains available in the upcoming budget to stimulate growth within small and medium-sized enterprises.
In light of the recent Commission of Inquiry (COI), the Premier also noted that his government has adopted a cautious approach to grant distribution. A revised policy ensures that grants are allocated to businesses with sound models that demonstrate clear potential for growth and success.
The Premier’s commitment to reviewing the maximum grant amount reflects the government’s focus on tailoring its programs to better meet the needs of businesses and stimulate economic growth. A policy adjustment could see larger sums made available for businesses requiring greater support to execute transformative projects.