British Virgin Islands Launches Small Business Development Grant Programme
The Government of the British Virgin Islands has launched a Small Business Development Grant Programme to empower local entrepreneurs and stimulate economic growth.
About the Programme
The initiative will be launched through the Ministry of Financial Services, Labour and Trade and will provide financial assistance and support services to eligible micro and small businesses. The grant programme will offer financial assistance ranging from $1,000 to $7,000 to help businesses overcome financial barriers and invest in their growth and expansion. The funds can be used for various purposes, including:
- The purchase of essential equipment
- Inventory management
- Marketing and sales support
- Employee development
- Technology and software acquisition
- Professional fees
- Business certification costs
Eligibility Criteria
Businesses must meet the following criteria to be eligible for the grant:
- Be wholly owned by Belongers residing in the Territory for at least three continuous years
- Be registered in the Virgin Islands and hold a valid trade license with up-to-date payments
- Have been in operation for at least one year
- Have 20 or fewer employees
- Have an annual gross revenue not exceeding $250,000
Application Period
The application period for the grant programme will run from September 2 to 30. Interested businesses are encouraged to visit the government’s website to access the programme details and application form.
Contact Information
For further information and assistance, please visit the government’s website or contact the National Business Bureau:
- National Business Bureau
- Department of Trade, Investment Promotion and Consumer Affairs
- Email: bvitrade@gov.vg
- Telephone: 468-2008
About the Grant Programme
The Small Business Development Grant Programme is an initiative of the Government of the Virgin Islands, administered through the Ministry of Financial Services, Labour and Trade. The programme aims to support the growth and development of micro and small businesses in the Territory by providing financial assistance and support services.
Conclusion
The Small Business Development Grant Programme is a testament to the government’s commitment to fostering a thriving entrepreneurial environment in the Virgin Islands. The programme is expected to empower local entrepreneurs and stimulate economic growth, creating opportunities for all.
FAQs
- Q: What is the Small Business Development Grant Programme?
A: The programme is a government initiative aimed at providing financial assistance and support services to eligible micro and small businesses in the British Virgin Islands. - Q: Who is eligible for the grant?
A: Businesses must meet the eligibility criteria, which include being wholly owned by Belongers residing in the Territory for at least three continuous years, being registered in the Virgin Islands and holding a valid trade license with up-to-date payments, having been in operation for at least one year, having 20 or fewer employees, and having an annual gross revenue not exceeding $250,000. - Q: What can the grant funds be used for?
A: The funds can be used for various purposes, including the purchase of essential equipment, inventory management, marketing and sales support, employee development, technology and software acquisition, professional fees, and business certification costs. - Q: How do I apply for the grant?
A: The application period will run from September 2 to 30. Interested businesses can visit the government’s website to access the programme details and application form.