BVI News

Gov’t to create Revolving Fund for young entrepreneurs

Premier Andrew Fahie

Government has negotiated with the Caribbean Development Bank (CDB) to arrange for funding for a revolving fund initiative geared at benefitting young entrepreneurs in the British Virgin Islands.

This was revealed by Premier Andrew Fahie during a recent airing of the Honestly Speaking with Claude Skelton Cline radio programme where he said the initiative is to further boost entrepreneurship in the territory.

“We have been able to negotiate with the Caribbean Development Bank to put some money into the National Bank of the Virgin Islands for entrepreneurship. The next wave of how the people of the BVI, especially the young people are going to be able to move, is through innovation and entrepreneurship,” Premier Fahie stated.

He further said that a number of measures will be put in place to ensure accountability within the initiative. He said these measures will also prolong its existence.

“We are now trying to make sure that, unlike in the past, this money is more accounted for and to make sure that even when they get the money, in order to get the money, some specific training will have to be done. When the training is done and the money is received, there will be some monitoring of the businesses,” the Premier said.

“It is a revolving fund, so the success of your business or idea, leaves you to pay back the loan, and once you pay back the loan, more people of the Virgin Islands can be able to benefit from it,” he added.

With the financial services projected to experience a further decline in the territory, the Premier had stated in a recent session in the House of Assembly that government will have to explore a number of new sectors for the future development of the BVI.

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11 Comments

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  1. oh lord says:

    people in the bvi dont normally like to pay back government…take those at pier park, crafts alive and wickhams cay land leases

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  2. My take says:

    Most persons like that this is a Government working in the best interest of the people.

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    • Best interest says:

      The government is creating a program to buy votes. C’mon in and we’ll give you a few bucks, spend it as you wish, no need to pay it back. Just remember who took care of you come election time.

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  3. VG says:

    We admire the positive drive of the Premier and his Government.

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  4. ?? says:

    Thank you Premier for this initiative.

    You hit the nail on the head.

    …Thanks for including the monitoring aspect of the businesses once they get the funds and that should include collection of aggregate statistics of the sector in which those businesses operate in.

    Also include SOME HAND HOLDING FOR ABOUT A 1 YEAR TO 18 MONTHS through assigned mentors ! ! !

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  5. Anonymous says:

    Love for my Country

    This initiative is no different from the one the former Government had in place for entrepreneurs. Ask those who know of the programme how much of the moneys lent was repaid. This programme will be the same with the difference being that the Caribbean Development Bank will have strong stipulations and the Government will end up having to pay back the Bank for the unpaid balances.

    Check the Trade Department on information of the Programme established by the former Government.

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  6. vip heckler says:

    More free money for political foes ???????

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  7. vip heckler says:

    Sure money for political cronies

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  8. My take says:

    Premier and his government is doing a marvellous job.

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