The initiative, which is known as the Small Enterprise Assistance Fund (SEAF), was designed to assist small businesses and small entrepreneurs who have ideas and whose ideas are quite credible. It also targeted those who are willing to put those ideas into a business plan, who are willing to go through the government system and obtain a business license and pay their taxes, but just needed some capital to start their business, said Minister of Finance and Prime Minister, Dr. Denzil Douglas, last Tuesday while on radio.
He explained that his Cabinet has recently accepted a number of recommendations that would help to streamline the program.
He said it was important to assess the program to see what changes can be made and what changes should be made to improve its delivery to the people and that’s exactly what was done starting in November of last year, said a government release.
Government say the review of the program has been completed and was presented to the Cabinet by the CEO of the St. Kitts Investment Promotion Association (SKIPA), Ambassador Roslyn Hazelle and the Accountant General, Mr. Levi Bradshaw, who used his team from the Internal Auditing Unit to review the entire programme, to see exactly how monies are being spent, how monies are being allocated and what use the money has been put to in order to approach the SIDF for financing.
Dr. Douglas indicated, “We made changes in the operation of the SEAF and so those persons who might have been on hold and who might have been waiting for the last three months, I can say definitively that by the beginning of February, especially for those who already had their loans approved, that they will be receiving the necessary support to start up their businesses.”