The Government of the Virgin Islands has launched a Small Business Development Grant Programme to empower local entrepreneurs and stimulate economic growth.

The initiative will be launched through the Ministry of Financial Services, Labour and Trade and will provide financial assistance and support services to eligible micro and small businesses.

The grant programme will offer financial assistance ranging from $1,000 to $7,000 to help businesses overcome financial barriers and invest in their growth and expansion. The funds can be used for various purposes, including:

• The purchase of essential equipment
• Inventory management
• Marketing and sales support
• Employee development
• Technology and software acquisition
• Professional fees
• Business certification costs

Businesses must meet the following criteria to be eligible for the grant:

• Be wholly owned by Belongers residing in the Territory for at least three continuous years
• Be registered in the Virgin Islands and hold a valid trade license with up-to-date payments
• Have been in operation for at least one year
• Have 20 or fewer employees
• Have an annual gross revenue not exceeding $250,000

Minister for Financial Services, Labour and Trade, Honourable Lorna G. Smith, OBE expressed enthusiasm about the programme's potential impact, stating, "The Small Business Development Grant Programme is a testament to our government's commitment to fostering a thriving entrepreneurial environment in the Virgin Islands. We believe that by empowering our local businesses, we are investing in the future of our economy and creating opportunities for all."

The application period for the grant programme will run from September 2 to 30. Interested businesses are encouraged to visit the government's website to access the programme details and application form.

The government encourages all eligible businesses to seize this opportunity and apply for the grant. For further information and assistance, please visit the government's website or contact the National Business Bureau.

About the Small Business Development Grant Programme

The Small Business Development Grant Programme is an initiative of the Government of the Virgin Islands, administered through the Ministry of Financial Services, Labour and Trade. The programme aims to support the growth and development of micro and small businesses in the Territory by providing financial assistance and support services.

Contact:

National Business Bureau

Department of Trade, Investment Promotion and Consumer Affairs

Email: bvitrade@gov.vg

Telephone: 468-2008