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Low interest loans soon available for Micro, Small and Medium-sized businesses in SKN


by Eulana Weekes

St. Kitts and Nevis (WINN): Information from the St. Kitts-Nevis Cabinet Meeting on Monday, November 21, 2022, details an important decision to improve the welfare of small businesses and entrepreneurs in the country.

The Cabinet of Ministers held discussions with the Development Bank of St. Kitts and Nevis about a loan programme whereby micro, small and medium-sized businesses will be provided financing opportunities to alleviate liquidity challenges or to assist such businesses with restarting or continuity.

Speaking at a Press Conference on Wednesday, November 16, 2022, in commemoration of Global Entrepreneurship Week, the Minister responsible for Small Businesses and Entrepreneurship, Hon. Samal Duggins disclosed that the government would offer grants to small businesses once the decision is approved.

“As we prepare and work through our budgets, I am happy to note that once approved, we’ll be able to offer grants to our small businesses. We’ll be able to expand on the loans offered to our small businesses, and we’ve had private sectors becoming involved, where a number of banking institutions are coming on board to offer low-interest loans as well. So, I think that 2023 and beyond will be seen as glorious years for the small business sector in this country.”

According to Duggins, to make the loan process as easy and accessible as possible for entrepreneurs, the opportunity to sign up will be made available at both the Development Bank of St. Kitts and Nevis and the Small Business Development Center.

“The way this partnership is designed is that it creates a proper synergy of whether you go to the bank or you come to the offices of SBDC, it will be the same process. So, [people] are allowed to venture in any way they so desire, but that one process will see you be able to have your businesses approved- because loans are given to approved small businesses and then apply for the loan and develop your business plan and then be able to go through the process of acquiring the loan; but that could be done whether you walk into the Development Bank or you walk into the office of the Small Business Ministry.”

The initiative forms part of the government’s COVID-19 Recovery and Relief Plans for the people of St. Kitts and Nevis.


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