BVI News

VIP’s $20M loan scheme a poor knock-off of NDP’s own, says Walwyn

NDP leader Myron Walwyn has dismissed the VIP’s promise to invest $20 million in a small business loan scheme as a poorly-thought-out knockoff of the NDP’s own business loan proposal.

Just last month, the NDP said it planned to pump $10 million into government’s National Business Bureau to provide low-interest loans to agriculture workers and other entrepreneurs.

Nearly a month later, VIP leader Andrew Fahie also presented a similar business loan programme at the launch of his party’s election manifesto.

Fahie said his party’s $20 million loan scheme would invest those funds over three years.

In noting the VIP’s loan programme, Walwyn said: “All they (the VIP) did was party all night, copied what we said, multiply it by two, and then tell you that they are going to give you $20 million without even offering an explanation as to how they are going to achieve this.”

Walwyn further ridiculed the Fahie-led VIP for promising such a hefty invest when they have continuously told the public that government and the BVI are “broke”.

“If the country is broke, where are you going to get $20 million from to give loans to small businesses?” Walwyn asked in a question directed to Fahie.

In contrast, the NDP chairman noted the Caribbean Development Bank’s 2019 report which says the BVI’s GDP grew more than two percent last year. He further said the BVI raked in more than-$60 million in excess revenue at the end of 2018.

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  1. A Live one says:

    Ain’t a big fan of MYrun but that a good question to Fahie m, out of your own mouth you said the country broke so where are you going to get the promised $20M

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  2. Hmmm says:

    “If the country is broke, where are you going to get $20 million from to give loans to small businesses?” Walwyn asked in a question directed to Fahie.”

    But didn’t I read somewhere that a surplus over budget of some $60 million was made in 2018 and that civil servants will get back pay in March 2019 out of this? So let’s do the maths, broke, make $60 million and then give civil servants $60 million back pay equals country broke again? So then what about these election promises? When will they be fulfilled? Has any of the political heads given a timeline for the fulfillment of these election promises?

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  3. WOW says:

    Copy Cat, I agree all them doing is jumping up and down like frogs then copying, no idea and solutions for this country.

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  4. TurtleDove says:

    Governments should not give businesses hard cash. It should give them Tax relief and tax incentives. If a business need money there is something call a bank.

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    • @TurtleDove says:

      Absolutely!!! And the same applies to individuals – provide tax incentives for them to work and get off of looking handouts and government welfare

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  5. #@@ says:

    These people un this election is making me sick. We now putting so much talk on who copy from who. Look like they just begin primary school. Who gives a fu-k. People, it is about, who do u believe? Who is going to work hard for u.

    A set of small minded children want to run our country. They have a short period of time to campaign and here wasting time. U can now tell that it only about their own interest when they get in.

    We always hear about Assets and liabilities in business. We heard what the government made last year. We have yet to hear what they paid out, or what is still pending to be paid. We cannot run our business one sided.

    First and foremost is fixing what is broken in Government and balancing our books to current date, to see what financial position this country is in. Then put a priority plan for this country in place. This should be based on our financial position and the urgent need to muve us forward , with realistic deadlines.

    Stop over selling what we all know will never be delivered anytime soon. Just stop the BS

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    • #@@ says:

      For some reason, we all as a people can never handle the truth when it is right in front of us. Madness

    • Wow says:

      It is quite frightening that you don’t think copying the plans of another party is something we should be concerned about. A tactic that clearly demonstrates that the VIP has no substantive plans for moving the country “forward”. Furthermore implemeating the exact remedies of the party they have ran their entire campaign on talking about all the mistakes they’ve made but now copying them? Even the blind could see what’s going on here. I know you wouldn’t cheat off of the least educated person on an exam. Or would you? Smh

  6. @ A live on says:

    I feel you on your statement. My two cents is that Government should not be making any promises to small businesses. This gives the mentality of intitlment….”ok I am going to start a business because Government going me money”. Isn’t this the same thing that has NBVI broke. This small business loan program that was rolled out and half of them don’t or haven’t paid back? Personally both parties need to rethink this and more so $20 million is to much. Get our roads and infrastructure up to par.

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  7. Hamilton says:

    The Economist pointed out that we don’t have a revenue problem but rather we have just been plagued by Walwyn, Vanterpool, and the NDP making bad decisions.

    Enough said. Time for a change. Creating private sector jobs is a great way forward.

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  8. No name says:

    Myron is desperate. Looking sympathy votes!!

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  9. Issue says:

    The truth hurts Andrew made his campaign ninght after night singing , shouting that the country broke now all if sudden he campaiging 20 million being pumped in the small business and 1000 jobs in 1000 days. Where is the money comming from if the country broke

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    • voiceofthevoiceless says:

      Ok let me help you out here.

      The country may well be broke but one way to stimulate the economy is through investment in small businesses. The more small business you have the more people they employ and the more taxes you collect. As well small business import goods for resale which are taxed by the Government so more money in the coffers. So that 20 million over 3 years which is 6.5 plus a year may well be paid back via import and income taxes.

      Also he did say loan not grant so that means that it has to be paid back by businesses and even though there are no specifics in regards to how the loan ( Have to read the manifesto)will be implemented there is a possibility that they can provide guarantee for the loans through a National bank facility where the bank lends the money.

      Not because the country broke that means you have to sit down and do nothing.

  10. VILander says:

    50 million CBD loan that was to cover the budget.
    Increased customs charges with the construction boom due to hurricanes.

    Simple answers to simple questions.

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  11. Brad Boynes says:

    People’s minds are already made up on who they are voting for.

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