Penn rejects $200K allocated to help businesses
Eighth District Representative Marlon Penn has rejected the $200,000 that the government has allocated to support small businesses across the territory.
The Opposition members have been calling for financial support for businesses that are still recovering from various shocks and finding it difficult to keep their doors open.
During this week’s sitting of the House of Assembly, Penn asked Trade Minister Lorna Smith how much the government has set aside to help businesses.
In response, Minister Smith said some $200,000 has been allocated to assist small businesses. including $100,000 for technical assistance and $100,000 for assistance grants.
“My ministry is diligently developing a policy to distribute these funds effectively and maximize their impact on struggling businesses,” Minister Smith stated.
However Penn was dissatisfied with the amount budgeted to help businesses: “With all due respect, this can’t go very far to assist the businesses in terms of where we sit currently in the business climate. Are there any plans to get additional funds? We learned from the last House sitting that some $40 million went back to the treasury, I’m sure $1 million from that could go a far way to ensure that struggling businesses could get some additional funds,” Penn stated.
In response to Penn’s statement, Minister Smith admitted that $200,000 isn’t enough to assist struggling businesses. But she said she hopes additional funds will be allocated in the supplementary estimates later this year.
“There may be some other funds that might be allocated for technical support but we have to discuss that with the Financial Secretary. But right now, there’s only $200,000 available,” Smith explained.
She also told the House of Assembly that the promised National Business Bureau hasn’t been fully established, but is expected to be functional by the first quarter of 2024.
The $200,000 allocated to help businesses is a far cry from the roughly $3.48 million that was spent on travel by the VIP government from 2019 until 2023 — with $1.5 million coming from travel expenses in 2023 alone.
The administration continues to face criticism as some believe that they are focused on the wrong deliverables while businesses, infrastructure and the overall economy continue to decline.
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The allocated amount seems exorbitant for institutions that are making money daily.
There are, within government, a distribution system, controlled by elected officials within the frame work as a district representative, where valves are opened for the filling of monies for first) politicians currently in the house0 politicians who are unelected citizens) then that elites followed by)the middle business and) the rest trickles back up the chain to the controllers and distributors.
Meanwhile, not one single penny is allocated nor is trickled down for important items such as increments owed, assistance to the poor and needy, increase in the standard retirement scheme such as Pension payments/allowances, Social security and other.
The political apparatus appear blind and unconcerned about the segment which exist on crumbs, misery and untold suffering due to insufficient financial resources hat will allow tem to navigate through the mirage of high and daily incurring cost of even the basic necessities.
Indeed, their condition is but one step above that of the people of Gaza. No, it is not an exaggeration. Search and the facts will be found.
Yet, politicians create laws solely to enrich themselves whilst ignoring the very people that voted for them.
This is one of the openly blatant misuse of governmental power the Virgin Islands have ever voted in and seen. By the end of term, a few will be well-off monetarily and the citizens will be left waiting for their increments, minimum wage increase and other just to satisfy living.
A dreadful political period the country and its citizens are in.
Is saying )> don’t think ah forgot you gor crossing over , but I’ll still be humble / just check out the look
This idea to hand out monies to businesses that have failed is similar to the farmer/fisher scandal of recent. I really don’t know if any politician should be proposing ideas without any research. Even then they waste money on advisors.
Fix the simple first. Labor department is a classic example. Make it easier to hire and fire. Less import duty on products for sale. Especially marine goods. Charge extra for heavy items that cost to recycle such as excavators and cars and refrigerators. Let the failing business fail and encourage entrepreneurs.
A few years ago they were given it out in $15k bags, some under the premiers’ former ministry.
What happened?
its a business those persons opened to make a profit why does the government have to help them??? use that money to buy supplies for all public schools and a tent for the high school please.