Small Business Grant Programme officially announced
The Government of the Virgin Islands has officially announced its proposed Small Business Development Grant Programme that will offer up to $7,000 to help businesses overcome financial barriers and invest in their growth and expansion.
The programme, which will be launched through the Ministry of Financial Services, Labour, and Trade, aims to support established small and micro-businesses in the BVI.
Applications will be accepted from September 2 to September 30 for businesses registered in the Virgin Islands for at least one year and owned by Belongers who have resided in the territory for at least three continuous years. Additionally, eligible businesses must have no more than 20 employees and an annual gross revenue not exceeding $250,000.
“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,” said Minister for Financial Services, Labour, and Trade, Lorna Smith.
This initiative follows the government’s recent announcement to raise the minimum wage from $6 an hour to $8.50 an hour, effective November this year. Concerns were raised about the impact of this increase on micro-businesses. In response, Minister Smith announced that the government would offer grants to small businesses to provide financial support.
The Deputy Premier emphasised that these small business grants will provide crucial financial assistance to micro-businesses, helping them navigate the challenges posed by the wage increase.
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Help me make sense of this, i am a small business struggling due to financial and economic challenges. How can you tell me that i need to have 20 employees and not exceeding 250k annual in order to receive a grant of $7k-by time i blink that money finish in a day in rent and other benefits.
This Government really is not for the small man but for the big and well establish business that can afford to buy out the entire VI and have other business ventures in other countries. L.S not in our corner at all. SMH!!!!!!!!!
looks like somebody just skimmed through the article…
I’m no fan of the government but it’s unhelpful if citizens can’t make sense of information presented. Even less so if speak out on that which they misunderstand.
“no more than 20 employees” means 20 employees or less. I hope I helped you make sense of this.
My brother or sister please read thoroughly to understand!
Reading is fundamental. Please be mindful and read the article qgain because it stated “Additionally, eligible businesses should have BO MORE than 20 employees and an abbual gross revenue NOT EXCEEDING $250,000.00. It means in order for your business to be eligible i.e. having the right to obtain the grant of $7K it should have less or up to 20 employees and a gross revenue or total monies generated for the business year less than or up to $250K. Your gross revenue should include all the business expenses and losses. Hopefully, my explanation clarifies the article. Take care and God bless you. Good luck getting that grant if you decide to take up their offer.
Come on people, get with the program. Gross Revenue, is all the money paid to the business WITHOUT deducting expenses or losses. WITH expenses and losses deducted would be Net Income.
EDUCATION IS FUNDAMENTAL.
MORE MONEY FOR FRIENDS OF THE VIP ONLY
Didn’t these guys learn anything from the past!?
But no problem, gives the next COI something to focus on!
“owned by Belongers…and an annual gross revenue not exceeding $250,000.”
So in other words – any business that is owned by a belonger will get $7,000.
What’s not to like about this! Why don’t you just tell people that if you vote for me again I will give you $7,000?
I didn’t realise Belongers were the only ones paying taxes. BS.
OMG, Just a hand out to anyone with an empty bucket and a rag. There MUST be a better give out than this!!!!!
FAHIE GRANTS WERE SWEETER….HAD ON MORE GRAVY
Only belongers with big family names need apply
Isnt this a repeat article. whatever
We all know the next construction of small or large, size matters not, will cost millions more than what is being offered to local businesses.
Every investment is a risk, a small business is a risk.
Im all for letting people bet with their own brains rather than the constant wasteful attempts to boost the economy through ‘infrastructure’. 7m plane. 1m wall. pp overspend. what?
Who wants the airport expanded? Raise your hands.
We need a West End ferry dock, but why stop there, who wants a NEWWWW marinaaaa? Lets go.
Some will complain BUT its much less corruption in letting the people apply & use of their local government’s money at a fraction of the cost of a mega project, it is more efficient than trickle down economics to simply drop it down, right in the peoples bank account.
If they stop with the projects government can get out of debt, and if they invest regularly in business there is immediate economic relief effect and it will attract long term business.
We dont have the advantage of endless printing money. Government can play unfair in its own way but is supporting your own really unfair? no.
We can have the best roads in the world, & biggest airport but if the people can not afford a car or ticket without opportunity to save for one then what was the point.
The point would be for someone else to drive on it, and a few chosen VIP businesses benefit.
VS a process were all business apply and receive a portion.
Giving money ‘grants’ to people in the community seems wrong but compare the process.
Which seems most fair & fun manner to waste our money?
It can all be considered wasteful spending.
A grant is not assurance of prosperity. No business is assured. Thats normal. We can build a new airport. Boom unicron pox, GMO plague. respiratory HIV, Tequila virus. No more flights. No investment is assured.
Perfect setup for the proverbial BVI “businessmen”and their drugfunded business and their drug enterprise which are currently experiencing a slight drought because of the recent busts and revealing info.
Po we!
Guess who will receive that, the farmers and fisherman? No connection, family-ties – don’t bother to apply! Wait, my aunty probably spend all her Covid-money by now.
Who is going to monitor the payments. With the covid payments you just needed a shovel to get a payment.