Will small businesses get more funding in today’s budget?

Today’s budget announcement has sparked questions about whether small businesses in the BVI will receive increased financial support as they continue to face economic challenges.

With rising calls for economic stimulation, many are eager to see if the government will prioritise funding to help small enterprises thrive. Opposition member Marlon Penn recently criticised the government’s efforts to support local businesses, pointing out issues with effectively circulating funds within the economy, which has left many businesses without needed resources.

“Our government has failed miserably in ensuring that the goods and services that the government sells … is over $100 million,” Penn remarked. He emphasised that small businesses are eager to participate in the territory’s economic activities through government-funded opportunities in the $400 million-plus budget.

Penn also expressed disappointment over a budget shortfall, revealing that nearly $50 million allocated for goods and services in the last cycle remained unspent.

The recent establishment of the National Business Bureau (NBB) has also drawn attention. Former Deputy Premier Lorna Smith announced in October that the NBB was “fully operational” and had seen positive responses to its Micro, Small, and Medium Enterprise (MSME) Grant Programme. According to Smith, the Bureau provides financial grants along with mentorship and training to help small businesses navigate the current economic landscape, with around 30 applications received so far.

Smith stated that the NBB’s grant programme aims to inspire innovation and creativity among local entrepreneurs. Although the programme initially received only $100,000, she expressed hope for additional funding to expand MSME support. “I’m hoping there will be more funds forthcoming,” she said prior to her recent removal from office.

The MSME Grant Selection Committee, appointed on October 1, includes both public and private sector professionals. Smith voiced her confidence in the committee’s ability to support deserving enterprises: “With the collective experience, expertise, and dedication of the Grant Selection Committee members, I am confident that we are well-positioned to ensure that deserving enterprises have the resources and guidance they need to succeed,” she noted.

As business owners await the new budget details, many hope today’s announcement will show a commitment to supporting small business growth and revitalising the economy.