Up-and-coming businesses in the Virgin Islands have received a “handshake, not a hand-out” through $200,000 worth of grants, according to government.
Micro, small and medium-sized enterprises were praised during a Friday ceremony where officials awarded 23 companies via the government’s initial $200,000 spend on the programme. Another $100,000 worth of grants are set to be awarded within months.
Many of the Friday recipients were from the agricultural sector, according to Lincoln Bobb, deputy director of the Department of Trade, Investment Promotion and Consumer Affairs.
“Some of you will remember that we asked you for some essential requirements — having a solid business plan, being in good standing — a clear strategy of how you are going to use those funds,” Mr. Bobb said during the ceremony, which was held at the BVI International Arbitration Centre. “That information wasn’t just to get you in the door: It was to prove that you are serious about taking this next step.”
Return on investment
Individual grant amounts were not disclosed at the event, and the Beacon’s attempts to obtain them were not successful.
But Mr. Bobb said during the ceremony that the community should expect a return for the investment.
“I want you to know that this is not a handout, but rather a handshake,” he said. “This is a partnership we are building together. By signing the agreement, you have pledged to use the funding in the right way to develop your business. We will monitor and evaluate the grantees [and the] use of the grant funds to ensure compliance with the terms of this agreement.”
Mr. Bobb added that the annual grants, which were being awarded for the second time, will boost the economy.
“So today isn’t just a good day for the recipients: It’s a wonderful boost for the growth of your business, your communities,” he said. “And it’s also great for developing the economy of the BVI. This year’s cohort reflects the diversification of the territory’s business community.”
Former recipient
Former grant recipient Sandy Boyce, of Speech Therapy Services of the Virgin Islands, told attendees that the award enabled her to expand her business by supporting her attendance at a course on autistic children.
“The MSME grant gave the ability to be able to afford that continuing education course and to do even more,” she said. “Apart from the financial boost, the MSME grant helped me to be able to take my game up a notch.”
‘The public’s money’
Financial Services and Economic Development Junior Minister Lorna Smith encouraged more MSMEs to apply for the initiative.
“This $200,000 is the public’s money,” she said, adding, “We have to account for it. You must be transparent in whatever you do and make sure that you keep proper records. Good governance in business is the key to growth, trust and access to future opportunities.”
‘Talk to the government’
She also called for greater cooperation between businesses and government.
“Don’t just take this cheque and then we don’t see you again for a year,” she said. “Talk to us. Talk to the government.”
The 23 grant recipients included the Virgin Gorda Music School, Good Moon Farm and Holidays Villas, among others.
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