Expo coming to bring bankers, businesses together
Amid continued calls from the Opposition for more government support for businesses, the government has announced that an event will be held later this year to facilitate talks and partnerships between financial institutions and business owners.
Minister for Financial Services, Labour and Trade, Lorna Smith said The BVI Business Banking Expo is slated for June 6 and will bring together financial institutions, the regulator, business owners, and entrepreneurs from across the territory.
Small businesses and ordinary residents alike have been complaining about several problems they face when doing business with the local banks. When Smith took office last year, she embarked on a mission to foster greater understanding between the citizenry and the financial institutions serving the BVI.
At a press conference yesterday, Minister Smith said the expo will facilitate discussions of the latest trends and innovations in banking, and offer advice to small business owners and entrepreneurs on navigating the banking industry.
‘We are also working with the banking sector to promote the financial inclusion of SMEs, which often face significant hurdles in obtaining financing from traditional sources,” Smith stated.
She also announced a draft policy for the Micro, Small, and Medium Enterprises (MSME) Grant Programme, explaining that the programme will provide financial assistance for locally-owned small businesses and foster an environment conducive to their growth.
“Stakeholder consultations are ongoing to ensure our business development initiatives are inclusive, transparent, and effective, laying the groundwork for sustainable economic expansion,” the Minister stated.
Recently, Minister Smith revealed that some $200,000 has been allocated to assist small businesses. including $100,000 for technical assistance and $100,000 for assistance grants.
However, this amount was rejected by Eighth District Representative Marlon Penn who said that level of funding isn’t enough to support businesses still recovering from various shocks and finding it difficult to keep their doors open.
In the meantime, Smith said the government is revitalizing the National Business Bureau and is in the process of recruiting a Business Development Manager in the Department of Trade, Investment Promotion, and Consumer Affairs to further strengthen this commitment.
She said the National Business Bureau will foster a supportive ecosystem through mentorship, training, co-working spaces, technical advice, and networking opportunities.
“We are ramping up our partnerships with educational institutions, the private sector, non-profit organisations, and regional organisations, to further develop these programmes,” the minister added.
Copyright 2024 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
Banks in the BVI are probably the worst globally.
If you want to do business especially internationally. Bank elsewhere.
She is trying everything and doing nothing
Come on, Lieutenant Premier: 200 grand, for Business development?
REALLY?
With the cost of importation of goods, rent, employee salaries, insurance, and the likes, THAT’S ALL?
WE KNOW, Lieutenant Premier, that your family,immediate, and otherwise, are business owners..And you are fully aware of the realities of business!
How about 1 million, USD,to start, Lieutenant?
THIS, right there, will begin to stem yhe tide, of possibilities for future businesses, great, and small!
Why mention employee salaries in this discussion? You and they know that they are neglegible at best and a none factor at worst.
A BVI Bank told a regulated entity to go to another bank saying they’d wait years and probably not get it as the FSC have rated the industry as high risk!! We killing our own
stupid bvi islanders. the british virgin islands need to be with conde nast travelers. look at bassetterre st kitts and nevis compare to the bvi.