BVI News

Support small businesses, big ones don’t bank here — Smith

Government legislator, Neville Smith

Territorial At-Large Representative and Deputy Speaker, Neville ‘Sheep’ Smith has encouraged residents to support small businesses since big businesses bank in other places than the BVI, among other things.

Smith was at the time debating the Business Licensing Act which was later passed unanimously by legislators in the House of Assembly (HOA).

“What I’d like to do is encourage everyone in the BVI [that] you must always support the local and the small businesses,“ Smith said.

He continued: “The small businesses are what keeps us going here in the BVI. Most big companies do not bank their money in the BVI, they always bank their money away.”

Smith’s rationale was that small businesses tend to support other small businesses in the community, allowing money to circulate among residents.

“But the big companies, the most they going do is pay tax, and then leave. They will send their money somewhere else. But the small business is the one who continues to support us as we grow,“ Smith stated.

Help young people with their dreams

The first-term legislator also reflected on his journey as an entrepreneur and recalled that one of the first things he did was sell limes as a youngster.

“I could say look where I am today. I own a few businesses that are doing pretty well. I take a page out of Honorable [Mark] Vanterpool‘s book, Member for the Fourth [District],” Smith stated.

He urged residents to support young business owners and not just “watch them and pass them and shake your head”.

Smith said while a lot of people might have the funding to do so, some don’t have the financing to get their businesses started.

“We have to find some type of avenue that the young people could tap into to get financial support to help with their dreams,” he urged.

 

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27 Comments

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  1. one termer says:

    Mr. Exemption himself always using his inside connections to kill some of the same small businesses he is here talking bout

    Like 34
    Dislike 2
    • Dodo says:

      That is all you can find to says sshheepp you ain’t bank here either pot calling kettle black. Y oh ain’t do a lot a things here

      Like 9
      Dislike 1
  2. Name & shame says:

    Words without facts. Please name the ‘big’ businesses that send their money to an off island bank. Furthermore why does the bank location of a big business have any meaningful effect on the BVI economy?

    Given the poor customer service of all the banks in the BVI can you really blame any business, big or small, for doing their banking with an off island bank.

    Like 35
  3. Styles. says:

    You know why big businesses bank somewhere else?

    Because BVI banks are THE WORST IN THE WORLD!

    Don’t blame big businesses to not want to deal with the crap from the banks. The banks function just like the government (meaning: they don’t)

    Like 34
    Dislike 1
    • LOL says:

      My other half works in trust here and says they can not open any bank accounts on island the other branchs of her company have to make them for them since its so backwards here , most companies in other parts of the world refuse to do anything with the BVI banking , soon you will all be blacklisted and no one will be banking since your all going to be broke apart from govenment officers who apparently run a nice sideline in drugs

      Like 21
      Dislike 2
    • @styles says:

      You are incorrect. The banks function worst than the government. There are no real bankers in bvi.

    • razy Joe says:

      The ignorance of these politicians is breathtaking. It makes absolutely no difference where a business does its banking. Its where it invests that counts.

      But in reality this is just another hare speech from another politician that the COI identified as ripping us off.

      Like 3
      Dislike 1
    • Hello says:

      NBVI is the ONLY BVI bank

    • FdIic says:

      BVzi Banks are not members of FDDIC.
      That is a biggie,
      In other words,your deposits .are not fully insured.

  4. YES TO UK says:

    What a stupid thing to say but we cant expect anything different coming from you.

    Like 12
  5. Hmmm says:

    now you know, what those we elect thing of employers, the measly jobs, are just that. Jac….s

  6. Mad Max says:

    It’s a shame that this ignorance continues from people like Hon. Smith and will eventually come back to us v them … “if you don’t like it leave” etc.

    The big businesses are major employers and we should recognise their impact on the standard of living that they contribute towards. Not to mention the innovation brought in by them.

  7. Rubber Duck says:

    He is doing pretty well out of the taxpayer with his no tender government contracts.

    Like 10
  8. Reality Check says:

    There won’t be any small businesses here if the Trade License fees go up because small businesses won’t be able to afford them. Stop the idiocy of raising prices and cut the Government expenses, like each of your “advisors”!!

    Like 11
    Dislike 1
  9. Shem says:

    You. All are too cinfused set of people,,u need to go in garage to gt your cells fixed

  10. He right says:

    Soggy Doller, Cooper Island, Norman Island and Guana, Mosquito and Necker, RTW / Riteway all have overseas people who are taking the money.
    However, the big companies here are sending their money to Panama.

    If you have less than 20 employees your Trade License should be cheaper.

  11. Big Show says:

    Yes he’s doing well with his inside trading they need locking away and throw away the keys mothxxfuxxerx

    Like 4
    Dislike 1
  12. Neville says:

    Which tax are you talking about? You must know that there is no income tax for big or small businesses.

  13. 8th District Gyal says:

    Then set the precedent that they should bank locally

  14. FdIic says:

    BVI Banks are not members of FDDIC.
    That is a biggie,
    In other words,your deposits .are not fully insured.
    If a bank does not have a ” MENBER of FDIC” di splayed in its window pass it by .If the bank fails your money is gone byebye or beware and deposit the bare minimum,an amount you can afford to lose.

  15. hm says:

    Right. There should not be any quota either. If the market is over saturated supply & demand will fix it by forcing persons to be more creative.

  16. Redstorm says:

    Politicians generalization have nothing in weight. Most Banking is terrible in BVI. Does people still que to go into the bank, only to meet one or two persons trying to execute the skills of customer service. It’s silly how the banking association never ever utter a word of assurance, knowing they are seeing all the horrible services mentioned on Facebook.

  17. support says:

    Support small businesses without asking for discount. It have trend here in the BVI; They travel and all kinda expensive stuff to look LiT and when it’s something here them asking for discount???? So the small business service ain’t worth the price asking for?

  18. Licker and Sticker says:

    I was wondering when Slow Wande was going to drag Sleep (I mean Sheep) from where he was taking a nap

  19. Hmmm says:

    Tell your Premier that

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