Deputy Premier and Minister for Financial Services, Labour, and Trade, Honourable Lorna Smith, OBE commends the Micro, Small and Medium-Sized Enterprise (MSME) sector, and banks in the Virgin Islands for participating in the Business Banking Expo held last month.

To build stronger bridges between the business and banking communities, the Ministry of Financial Services, Labour and Trade, in collaboration with the BVI Bank Association organised the BVI Business Banking Expo, which invited all MSMEs to engage with their local banking professionals. Presenters of the Expo included the Premier and Deputy Premier of the Virgin Islands, as well as representatives from the Financial Services Commission, the BVI Bank Association, the BVI Chamber of Commerce and the Department of Trade and Investment Promotion and Consumer Affairs.

The Expo was designed to identify enhanced ways for all stakeholders to work together, with the common goal of developing a conducive environment for our MSMEs, being at the forefront. All those present recognised the need for increased engagement, hence the banking sector’s decision to engage in more educational campaigns to boost consumer awareness of banking products and facilitate easier client navigation.

Deputy Premier Smith said: “We know the challenges that our business community has with banking procedures, in particular, with accessing finance to create robust business plans, growing their businesses, and forging a successful and sustainable path forward. To do this, it is critical for our business community to develop a stronger relationship with the banks and to obtain a deeper awareness of the services they provide. I am delighted with the number of attendees at the Expo, and I will ensure that my Ministry continues to work closely with the banks and the business community to ensure that the many ideas discussed at this forum are taken forward.”

Following the banking conference, the Deputy Premier continues to engage with the BVI Bank Association to discuss further efforts to improve financial literacy amongst entrepreneurs and build awareness of financing opportunities.

The participating entities have proposed initiatives to provide better education to customers; such as town hall meetings, lunch and learn sessions, special loan offerings, ongoing community outreach, as well as targeted training for their small business banking clients.

Deputy Premier Smith said: “I am delighted to see our local banks presenting practical funding options. I am extremely excited about the opportunities this will bring for our MSMEs; in addition to my Ministry’s efforts to establish the MSME grant assistance programme to complement the private sector offerings.”

All participating parties were pleased with the outcome of the event, and it was agreed that the BVI Business Banking Expo should become an annual event.