by Kevon Browne
St. Kitts and Nevis (WINN) Over the past 13 months, an excess of EC $1 million in loans to entrepreneurs in Nevis were issued from the Small Enterprise Development Unit (SEDU) in the Nevis Island Administration’s (NIA) Ministry of Finance.
Mrs. Angela Delpeche, Director at SEDU said that in March 2020 approximately EC$2.5 million was given to the department to facilitate Small Business Enterprises on the island. To date, more than half of the funds have been loaned for new ventures as well as upgrades to existing small businesses.
A total of 27 business loans have been approved thus far.
The programme offers microfinancing for men under the age of 35 and to women.
Mrs. Delpeche said, “The majority of applicants have been women below the age of 50 and the financing has been for tourism-related business, food and beverage, landscaping, and hair and beauty.”
At a recent Tourism Small Business Entrepreneurship Workshop facilitated by the Ministry of Tourism in the Nevis Island Administration, Premier Mark Brantley reminded persons of the low-interest loans offered by the government through SEDU.
“The financing is…only up to EC $100,000, but the idea really was that it provides micro-financing in order to help you to get a start,” Brantley stated.
When applying to the programme, applicants require a business plan, a valid business license, one-year income and expense statement for existing businesses, two valid pieces of identification, proof of a valid purpose for the loan, and a business account for the disbursement of funds should the application be successful.