Minister of Finance and Prime Minister, Dr. Denzil Douglas has announced that the initiative has been designed by the SIDF to assist in creating innovative, commercial ventures that have the potential to become profitable.
Some EC$5 million will be allocated for the SEED fund to finance start-up businesses by granting loans ranging from EC$5,000 to EC$100,000 at 0% interest rate.
The SEED programme will be implemented in two phases. In the Development Stage, prospective entrepreneurs selected to participate in the programme will be enrolled in a compulsory three-week Business Boot Camp where they will receive training in the pre-requisites for establishing and operating a successful business.
The programme is being dubbed, the Small Entrepreneur and Enterprise Development (SEED).
“Training will be delivered by professionals with expertise in areas such as accounting, marketing, management and customer service. Upon completion of the Business Boot Camp, successful participants will move to the Incubation Stage in which they will receive the funding and support services needed to establish their ventures,” the SIDF said in a statement.
It added that entrepreneurs will be required to manage their businesses under the guidance of an assigned Business Manager who will set targets, measure performance and oversee the operations.
The Incubation Stage will be pre-determined based on the nature of each business, and at the end of this period, entrepreneurs are expected to run their businesses on their own.
The Business Boot Camp commences on Monday, November 19, 2012 and ends on Friday, December 7, 2012.
Sessions will be conducted Mondays to Fridays from 5 p.m. to 8 p.m. at the SIDF Office (C21, The Sands Complex).
Nationals of St. Kitts and Nevis who have an innovative business idea are eligible to apply to participate in SEED.
Application forms and brochures are available on the SIDF website (www.sknsidf.org) and at the SIDF office.
SEED is another initiative of the SIDF with the objective of diversifying the economy, creating employment and empowering citizens. It is expected to realize the establishment of 50 – 100 businesses through repeat offerings in St. Kitts and Nevis.
With a mandate to assist in the transformation of the economy, the SIDF will continue to support the efforts of the Federal Government by initiating and funding programs which stimulate commercial activity and enhance the standard of living.