Financial support coming for small business owners

BASSETERRE, St. Kitts, February 26, 2020 (Press Unit in the Office of the Prime Minister) – Prime Minister and Minister of Finance, Dr. the Honourable Timothy Harris, announced that he will seek Cabinet’s approval to pump some $5 million into the Development Bank of St. Kitts and Nevis to further boost the advancement of small enterprises in the Federation.
 
Prime Minister Harris made this pledge when he addressed the large turnout at the Team Unity Discussion for a Stronger, Safer Future town hall meeting held at the McKnight Community Center on Tuesday (February 25) evening.
 
“This will give the necessary wherewithal to the young man or young woman whose business needs that boost,” the prime minister said.
 
Dr. Harris added that the Cabinet will determine the threshold for borrowing but noted that “we will make $5 million available…for the people who are going to make a difference in St. Kitts and Nevis.”
 
Earlier on Tuesday, the honourable prime minister and a host of his Cabinet colleagues ventured to Independence Square where the first ever National Small Business Tuesday expo was successfully staged.
 
Dr. Harris said he was highly impressed with many young persons who have put their creativity and ingenuity to good use by undertaking their very own businesses.
 
“I saw a lady with the African wear; I saw tea products; I saw a young man producing ICT services; I saw a young entrepreneur…who is now involved in air conditioning and now involved in providing supplies to deal with molds everywhere and I felt pleased to see them,” said Prime Minister Harris.
 
This will not be the first time the Team Unity-led Government will be injecting large sums into the Development Bank strictly for the purpose of expanding the small enterprises sector.
 
It was in September 2016 that the Team Unity administration launched its successful Fresh Start Programme which provided millions in concessionary loans and technical assistance from the Development Bank for persons to either start or expand their small businesses. More than 500 small enterprises benefited from the financial support under that programme. 

Image credits: SKNIS