Smith urges greater bank involvement in BVI business community
Territorial At-Large Representative Lorna Smith is calling for greater involvement from banks in supporting businesses across the British Virgin Islands.
Speaking at the ceremonial opening of the new Entrepreneurial Zone in Huntum’s Ghut, Smith emphasised the need for banks to play a more active role, even in micro-business development.
“We need to get our banks involved. Even though these are micro-businesses, the banks must engage more because businesses are the backbone of the economy, and the banks have to do their part,” Smith stated.
She acknowledged that banks already have business support programs but suggested they be integrated into initiatives like the Entrepreneurial Zone.
“I know they have their own programs, but those programs should be incorporated into what is being done here,” she added.
Bank partnerships for future projects
Smith expressed hope that banks would participate in similar projects moving forward, especially after Premier Dr Natalio Wheatley announced that the Entrepreneurial Zone would serve as a model for future business hubs across the territory.
During her tenure as Minister of Financial Services, Labour, and Trade, Smith consistently advocated for stronger partnerships with lending institutions. Earlier in 2024, she hosted a business banking expo, highlighting banks as key financial support options for micro-businesses.
“I have to say that the banks are delivering. I had a review meeting with them, and in all cases, they have agreed to assist small businesses,” Smith said at the time.
Her latest remarks reinforce her ongoing push for banks to play a more integral role in fostering economic growth in the BVI.
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Over regulation has made simple banking a nightmare for locals.In most advanced countries you can open a bank account using your phone from home , in the BVI peole take the day off from work because its an all day affair. Technology has made many of the security concerns obeslete and companies need to leverage those advances . The whole systems needs to be overhauled . So while I understand the push for involvement in fostering business etc , start with simple everday processes that impact the lives of regular working people.
Good lady dat but too old and tiring for the TASK ahead. Need younger critically thinking persons who can connect to the needs of the a developing population
Two thoughts: First, get the banks to start behaving more professionally, with regard to their customers. Second, whilst the idea of promoting small business development is excellent, what sort of business can run in a 60-80 square foot area? That is what the space in the Entrepreneurial Zone will be offering. Do the math! And who will even know what businesses exist, in such a hodgepodge? Has anyone done any sort of survey to see what the size of a practical space should be?
That’s all we’re asking for.
she needs to get the banks to lower their rates for both business and personal.