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Business school to be launched in March - Premier Fahie

- Says talks are underway for $2.5M to be accessible to young entrepreneurs
Premier and Minister of Finance Honourable Andrew A. Fahie (R1) has said plans for a business school have started and will be made public in March 2020. Photo: VINO/File
Premier Andrew A. Fahie, speaking at the official launch of Petrus Plaza in Fish Bay on Tuesday, February 11, 2020, said the business school will be launched in March 2020. Photo: VINO
Premier Andrew A. Fahie, speaking at the official launch of Petrus Plaza in Fish Bay on Tuesday, February 11, 2020, said the business school will be launched in March 2020. Photo: VINO
Young Entrepreneurs in the Virgin Islands (VI) will soon be able to access special business financing from the Caribbean Development Bank (CDB) through the National Bank of the Virgin Islands as part of a new revolving fund to boost local entrepreneurship. Photo: VINO/CDB
Young Entrepreneurs in the Virgin Islands (VI) will soon be able to access special business financing from the Caribbean Development Bank (CDB) through the National Bank of the Virgin Islands as part of a new revolving fund to boost local entrepreneurship. Photo: VINO/CDB
FISH BAY, Tortola, VI- In keeping with the Virgin Islands Party (VIP)-led administration’s aim to create 1000 jobs in 1000 days, Premier and Minister of Finance Honourable Andrew A. Fahie (R1) said persons desirous of becoming business owners would have an educational facility for that purpose shortly.

The Premier, speaking at the official launch of Petrus Plaza in Fish Bay on Tuesday, February 11, 2020, revealed that plans for the school has started and the institution will be launched in March 2020.

“In March, we will be launching the Entrepreneurial School to make sure that persons can come and be trained. We are already in the planning stage… and we are going to launch that very soon so everyone can see that this is not a talk shop.”

Premier informed that, among the training, persons would also be schooled in accounting. 

Talks underway with CDB

In the meantime, Premier repeated that his government is already starting to pave the way for the persons who would be benefitting from the training to receive access to funding.

“We have already spoken with Caribbean Development Bank (CDB) to put aside $2.5 million to make sure that the persons who have been in those programmes would have access to the money, and they can also be accountable for the monies that they are getting. “So it is going to start small, but it is going to mushroom,” he stated.

Premier added: “And, they will be monitored, not like what has happened prior, we have learned from the lessons from the past. Just leaving them on their own, cannot be the way to go. They must be monitored, they must be guided, and they must understand there must be layers and layers of accountability.”

Premier Fahie had first made mention of this initiative on the January 7, 2020, edition of the 'Honestly Speaking,' show with host Claude O. Skelton-Cline.

“We are looking about entrepreneurship, we have been able to negotiate with the Caribbean Development Bank to put some money into the National Bank of the Virgin Islands for entrepreneurship," Premier Fahie revealed.  

He said to boost the economy, innovation and entrepreneurship will be the next wave of how the people of the VI, especially the youths, will be able to achieve upward mobility.

15 Responses to “Business school to be launched in March - Premier Fahie ”

  • Kingfish (12/02/2020, 08:35) Like (31) Dislike (5) Reply
    This is all well and good, however there is a technical school and the college teaches business classes, why waste funds in establishing another school. Be careful BVI the treasury will be empty if these kinds of unchecked programs are allowed be go forward.
    • Hmmm (12/02/2020, 10:02) Like (7) Dislike (6) Reply
      @king fish! How about if the people who gotten the help actually Succeed. Think about the money they will put into the community. Sometimes you need a new approach. I’m with him on this one.
    • @Kingfish... (12/02/2020, 11:49) Like (4) Dislike (0) Reply
      ...speaking truth!
  • another great plan (12/02/2020, 09:44) Like (0) Dislike (0) Reply
    lets know check it in one year from now..promises made
  • 1 (12/02/2020, 10:16) Like (1) Dislike (2) Reply
    Great idea
  • Mainland Gov employee (12/02/2020, 11:47) Like (13) Dislike (0) Reply
    Mr. Fahie, why do you need CDB? Come on BVI you have to do better than this. Why not create an division within your labor department that is called Small Business Development if you don't have one already.
    That Division can administer a small business development loan program that is administered by the government. Set aside $2.5million from BVi budget for the initial seed money. Set the interest rate between 4 % to 6 %, set it up as a revolving fund, use the interest proceeds to grow the fund (recirculate it within BVI community) and make new loans. After a while the loan program will pay for itself. Draft legislative language so the proceeds not just fund new loans but potentially pay the wages for employees within the Small Business division and business school. Shift the burden away from taxpayers. Let's collectively (BVI people who live inside and outside of the country) learn to solve our own problems in ways that puts us on another trajectory, rather than setting yourselves up to live hand to mouth. It wouill worm if you plan and execute properly. This is coming from some one just like you all who has 30 years high level fed exp with similar programs . So I know it can work.
    • Mainland Gov employee (12/02/2020, 12:08) Like (3) Dislike (1) Reply
      Pardon the grammatical errors. My device does it's own thing at times and in my haste, I did not edit.

      3rd to the last sentence should read as " It will work if planned and executed properly"
  • if (12/02/2020, 13:40) Like (6) Dislike (0) Reply
    If folks arre not responsible for paying yheir tuition and costs to attend then why create another giveaway and handout? Andrew seems to have a welfare mentality and passing this.on to the youngsters. How many music contracts and de vry moneys has he burned as D1 rep and the recipients now adults just hanging around and not self motivated. What is his intent frankly when it comes to the future of the populace..
  • Black Nationalist (12/02/2020, 14:12) Like (4) Dislike (8) Reply
    one thing with the VIP they for the people
  • Infrastructure (12/02/2020, 14:27) Like (6) Dislike (0) Reply
    While the roads, schools, sewage system remain in shambles!! God help this BVI
  • How (12/02/2020, 14:36) Like (3) Dislike (1) Reply
    Communication is the heart of entrepeneurship. Postal service,internet, telephone are basic requiremenrs of a business, The VI has a non funtioning postal srvice and the internet and teleohones are barely available and totally unpredictable.
    This is another joke on the brainless. Such cruelty should be punished.
  • How About (12/02/2020, 15:40) Like (3) Dislike (1) Reply
    A program of road maintenance is so badly needed. There are too many potholes and some in the most crucial areas.
    There are too many expensive cars on this island to be prematurely depreciated by the horrible road infrastructure. Its also a major embarrassment for the territory. I know we can do better. Two guys in a 5 yard truck can go around the island and fill those pot holes. Wake up.... somebody!
  • Outsider (12/02/2020, 21:12) Like (1) Dislike (0) Reply
    What’s with setting up a new school when we already have the HLSCC?


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