Got TIPS or BREAKING NEWS? Please call 1-284-442-8000 direct/can also WhatsApp same number or Email ALL news to:newsvino@outlook.com;                               ads call 1-284-440-6666

Business Bureau loan initiative not done in isolation – Premier

- loans set at $100k max; no word on guarantees or delinquency
Premier Smith announced during a press conference on August 20, 2013 that the National Business Bureau and the National Bank of the Virgin Islands have partnered to provide loans to viable businesses through a loan programme that is the remit of the Department of Trade and Consumer Affairs. Photo: VINO/File
According to the Premier, applicants may now approach the National Business Bureau for evaluation and see how they can qualify for the loan guarantee programme. Photo: VINO/File
According to the Premier, applicants may now approach the National Business Bureau for evaluation and see how they can qualify for the loan guarantee programme. Photo: VINO/File
ROAD TOWN, Tortola, VI – The National Business Bureau is not being done in isolation but is instead part of the work of the entire government, according to Premier of the Virgin Islands Dr The Hon. D. Orlando Smith.

Premier Smith announced during a press conference on August 20, 2013 that the National Business Bureau and the National Bank of the Virgin Islands have partnered to provide loans to viable businesses through a loan programme that is the remit of the Department of Trade and Consumer Affairs.

ENS Excavation Limited was revealed as the first business to benefit from the loan initiative and Premier Smith said the programme was put in place to foster the growth of the business sector and to encourage new businesses as well.

“When my administration first served in 2003, we made small business development a priority,” Premier Smith stated, “You see, we understood then and it still is the case today, that small business development is essential to stimulating the economy. It provides jobs and is the central driver for circulating wealth throughout this economy.”

According to the Premier, applicants may now approach the National Business Bureau for evaluation and see how they can qualify for the loan guarantee programme. To qualify, entrepreneurs, as did ENS, have to submit a sound business plan for startups and solid financials for existing businesses and to demonstrate an ability to repay.

He also urged borrowers to participate in upcoming training courses provided by the Bureau and stated, “We are not just lending monies; we are providing assistance with writing proper business plans.”

Premier Smith could not give an indication, however, as to the line of credit being extended by the National Bank of the Virgin Islands in relation to the loans but offered that this would be augmented as necessary by the Government.

“That is the reason we established the National Business Bureau in the first place, so that we can encourage investment in Small Business start-ups and invite them to be successful…” Premier Smith stated.

Premier Smith did not respond to questions from the media asking about guarantees for loans or address issues related to payment delinquency but noted that while a loan ceiling had not been established, the Government was looking at handing out loans at a maximum of $100,000.

Efforts to solicit a comment on the status of applications from CEO of the National Bank of the Virgin Islands, Ms Joy Francis were unsuccessful up to post time while Chairman of the Board of the NBVI, Mr Clarence Faulkner indicated that he just returned to the Territory and could not comment on the situation at this point.

6 Responses to “Business Bureau loan initiative not done in isolation – Premier”

  • bay yute (27/08/2013, 15:37) Like (1) Dislike (1) Reply
    we want the names of the port partners or else we will march
  • Brown Eyes (27/08/2013, 15:55) Like (0) Dislike (1) Reply
    I need a loan for school!
  • dead man (27/08/2013, 17:32) Like (0) Dislike (0) Reply
    THe DEvil is in the details, lets see them.

  • voter (28/08/2013, 06:15) Like (0) Dislike (0) Reply
    This is a good programme once it’s not use for ndp businesses only but we will be watching!
  • Entrepreneur (28/08/2013, 14:25) Like (0) Dislike (0) Reply
    Where is the National Business Bureau located?
  • joe jack (29/08/2013, 06:36) Like (0) Dislike (0) Reply
    This is what we should be developing instead of slowly selling out our country to foreigners!.


Create a comment


Create a comment

Disclaimer: Virgin Islands News Online (VINO) welcomes your thoughts, feedback, views, bloggs and opinions. However, by posting a blogg you are agreeing to post comments or bloggs that are relevant to the topic, and that are not defamatory, liable, obscene, racist, abusive, sexist, anti-Semitic, threatening, hateful or an invasion of privacy. Violators may be excluded permanently from making contributions. Please view our declaimer above this article. We thank you in advance for complying with VINO's policy.

Follow Us On

Disclaimer: All comments posted on Virgin Islands News Online (VINO) are the sole views and opinions of the commentators and or bloggers and do not in anyway represent the views and opinions of the Board of Directors, Management and Staff of Virgin Islands News Online and its parent company.