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$35 million earmarked for SMEs in federation

 

According to data provided by Prime Minister Dr. Timothy Harris during his monthly press conference, held 1st February, at Government Headquarters, EC$21 million was disbursed in loans in 2016 to various SMEs.

 

According to the prime minister, the Fresh Start program has disbursed the largest sum of money to SMEs, in business assistance provided through a government program.

 

“Among the groups of beneficiaries are people involved in agriculture and agro processing. We saw many of them on display when the Development Bank of St. Kitts and Nevis held an open day in Independence Square,” he said. “We saw joiners and we saw a lawyer who stood on the stage to say ‘I am a proud beneficiary of support from the Fresh Start Programme’,” Prime Minister Harris said at the press conference.


The Development Bank employed at least two professionals who provide support to SMEs in management, record keeping and understanding the difference between dollars in and profits.

 

“Sometimes people mix it up. That you get a good sale today and people forget that some of it is yours and some of it is to pay your creditors and that is one of the challenges why several small businesses falter and die,” said the prime minister.

 

Prime Minister Harris said the government has confidence in the SMEs, because across the world, “they have become the engine of economic growth. Some may fail but many would survive. So we want that to continue”.


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