St. Kitts-Nevis-Anguilla National Bank Launches “Banking on Small Business” Initiative

Prime Minister Congratulates National Bank on New Programme

Basseterre, St. Kitts –

Prime Minister, the Honourable Dr. Terrance Drew, congratulated the St. Kitts-Nevis-Anguilla National Bank on the launch of its new programme, “Banking on Small Business,” which is designed to support the growth and development of small businesses and aspiring entrepreneurs within the Federation.

Prime Minister Hon. Dr. Terrance Drew.

The financial institution’s new initiative was introduced during a ceremony held at the St. Kitts Marriott Resort on Wednesday, August 28, 2024. The event was attended by members of the Federal Cabinet, officials from the Ministry of Small Business and Entrepreneurship, and the leadership and management staff of the National Bank.

Prime Minister’s Remarks

Prime Minister Dr. Drew, in delivering featured remarks at Wednesday’s launch event, commented that the Banking on Small Business initiative helps to remove one of the most challenging hurdles for aspiring entrepreneurs—access to capital.

“One of the things that I know that hampers our people is access to start-up funds or seed money. People might have great ideas, the impetus, the will and the passion, but all of those things go nowhere unless you have some money to invest to make your ideas realities … and that is why products like these and innovative approaches make sense,” said Prime Minister Dr. Drew, who is also the Minister of Finance in the Federal Cabinet.

Moreover, the prime minister said this programme is about more than just providing funding. Rather, it is also about equipping the people with the tools they need to thrive.

Dr. Drew urged small business owners and new entrepreneurs across St. Kitts and Nevis to take full advantage of what National Bank is now offering. He said, “To our small business owners, those with innovative ideas, and especially our young people with dreams that seem out of reach—this is your moment! The Banking on Small Business initiative is here to help turn your ideas into viable enterprises. Don’t let your dreams remain dreams. Seek out this initiative, work with the experts at National Bank, and let’s make those dreams a reality.”

Initiative Offers Two Main Products

The Banking on Small Business initiative offers two main products. The first is the Business Start-Up Loan which is primarily a small business financial instrument designed to help entrepreneurs and new business owners with businesses operating for 0-3 years. This loan is designed to cover the initial costs of launching a business. With interest rates starting as low as 7.5 percent, it can be used to finance a range of start-up expenses, including equipment purchases, leasehold improvements, inventory, working capital, and other business-related costs.

The second product is the Business Flex Loan that offers flexible financing options for existing businesses looking to expand, make leasehold improvements, purchase equipment, or address other business-related needs.

How to Learn More

To learn more, persons are encouraged to call or visit a National Bank branch, or visit the website https://www.sknanb.com/sme-hub/.

Conclusion

The St. Kitts-Nevis-Anguilla National Bank’s “Banking on Small Business” initiative is a welcome development for small business owners and aspiring entrepreneurs in the Federation. The programme offers two main products designed to support the growth and development of small businesses, and Prime Minister Dr. Terrance Drew urges individuals to take advantage of the opportunities it presents.

Frequently Asked Questions

Q: What is the purpose of the Banking on Small Business initiative?
A: The initiative is designed to support the growth and development of small businesses and aspiring entrepreneurs within the Federation.

Q: What are the two main products offered by the initiative?
A: The two main products are the Business Start-Up Loan and the Business Flex Loan.

Q: Who is eligible for the Business Start-Up Loan?
A: The Business Start-Up Loan is primarily designed for entrepreneurs and new business owners with businesses operating for 0-3 years.

Q: What is the interest rate for the Business Start-Up Loan?
A: The interest rate for the Business Start-Up Loan starts as low as 7.5 percent.

Q: How can I learn more about the initiative and its products?
A: You can learn more by calling or visiting a National Bank branch, or visiting the website https://www.sknanb.com/sme-hub/.