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Calls mount for details on small business initiative

- Commentator says money not circulating in economy
Talk show host, Julio Sam Henry has called for an explanation of the inner workings of a recently announced initiative between the National Business Bureau and the National Bank of the Virgin Islands and how this will really benefit entrepreneurs in the Territory. Photo: VINO/File
Premier Dr The Hon. D. Orlando 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 headed by Kevin ‘OJ’ Smith. Photo: VINO/File
Premier Dr The Hon. D. Orlando 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 headed by Kevin ‘OJ’ Smith. Photo: VINO/File
ROAD TOWN, Tortola, VI – Calls are being made for an explanation of the inner workings of a recently announced initiative between the National Business Bureau and the National Bank of the Virgin Islands and how this will really benefit entrepreneurs in the Territory.

“We heard some announcement… we’re still yet to hear the information on how this thing is going to work with the partnership the Premier mentioned about the Small Business Bureau partnering with the [National Bank of the Virgin Islands],” co-host Julio Sam Henry stated on a recent edition of Speak Your Mind.

Premier Dr The Hon. D. Orlando 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 headed by Kevin ‘OJ’ Smith.

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 have to submit a sound business plan for startups and solid financials for existing businesses and to demonstrate an ability to repay.

Henry said he would need to call the bank to find out details as he claimed that in order to borrow one dollar, one needs to have as much as fifty or seventy-five cents. “If you don’t have that seventy-five cents, how are you going to get that money?” he asked.

According to the host, persons will face the same problems in trying to get an entrepreneurship loan. “You’re in trouble,” he said.

“You’ve got less revenue again through the Territory, people don’t have a lot of money to spend so there is no money circulating in the economy. Places are dead, restaurants closed…” he argued.

He reasoned that with the closure of restaurants and supermarkets, this meant that products were not being imported and the Customs Department was making less money and by extension, government would have less to spend on infrastructure and other developments.

“I really just would like to hear the Premier break down the indicators and tell me how is the GDP so great but yet all of these things are so bad,” Henry said.

24 Responses to “Calls mount for details on small business initiative”

  • xxxxxxxx (05/09/2013, 08:44) Like (6) Dislike (1) Reply
    I agree with you Sam just more political gimmick!
  • rattie (05/09/2013, 08:45) Like (7) Dislike (1) Reply
    Buoy go from here the economy is robust things could not be better so says the NDP
    • CBN (05/09/2013, 11:36) Like (3) Dislike (0) Reply
      The NDP administration is so desperate it is willing to take anything from anywhere to make them look good
  • sick of sam (05/09/2013, 08:51) Like (4) Dislike (1) Reply
    taxi man sam. Please shut up you talking pure nonsense sam. You need to attend the up coming workshop for entrepeneurs. Get educated on how a strong business plan can get you any business loan with any bank. You just have to be a good depositor/invester with these local banks. The ppl who the bank tells no to. Are the ones who bank 1000 dollars today. And by next week done withdraw 500. Banks dont take these ppl serious. Get educated on how banks work. Who regulate them. how to be a up rising investor. And how to sale money. Cause sam by the way you does move you maybe in debt or brokes!! Get educated. And stop trying to make this government look bad. Thats a great way to get local and young entrepreneurs out of there shell. Do you know entrepreneurs are the drivers of the bvi economy?
    • suv (05/09/2013, 08:59) Like (2) Dislike (64) Reply
      scatter he not shutting up noooo way
    • ooooo (05/09/2013, 10:38) Like (3) Dislike (0) Reply
      sam dont let those ndp scarecrows intimidate you...keep the pressure on...you aint see that i aint afraid of them?...i keep the heat on them daily
  • ooooo (05/09/2013, 08:56) Like (3) Dislike (4) Reply
    this was designed to assist cronys...everybody mum about the money that was allegedly (illegally???) lent out to cronys from the said bank while a former ndp candidate was at the helm
  • Well Sah (05/09/2013, 09:03) Like (2) Dislike (0) Reply
    All the money the NDP spend on public relations and speech writers the public remains more confused now than ever before with what this government is planning to do or have done if anything…very sad
  • waste ah time (05/09/2013, 09:17) Like (9) Dislike (0) Reply
    So far only one man, ONE MAN!!! benefitted from the program
    • duh! (05/09/2013, 09:44) Like (1) Dislike (14) Reply
      Why such an ignorant comment, the program only started just over a week ago. What you want them to do just start calling people and start giving out money? There is a process, if you have a business idea you need to apply with a viable business plan.

      You people are really something else, I am really worried for my country with the level of ignorance around here. Get informed from chatting nonsense.
    • stop (05/09/2013, 13:31) Like (0) Dislike (0) Reply
      WOW; waste ah time this cannot be true. if it is, it's total madness !.
  • black boy (05/09/2013, 10:15) Like (1) Dislike (18) Reply
    Sam go from here Malone Penn will put some much licks on you will not come back
  • Really? (05/09/2013, 10:19) Like (1) Dislike (0) Reply
    So this is the same Sam that said we don't want foriegn investment for the cruise pier, we can do it ourselves, now saying that locals don't have money, revenue is short and that we now need foreign investment? LMAO!!!! Why anybody takes this man serious I don't even know!!!!!! The program that he speaks of started a few weeks now with upcoming workshops and various seminars to educate people about it. But he's here demanding information instead of reading for himself. Why doesn't he pick up the phone or stop by the office and talk to OJ himself I'm sure he would give him a few minutes. Set of know nothings who only care about themselves not country. Ya'll got time with these people.
  • dem say (05/09/2013, 11:22) Like (0) Dislike (0) Reply
    the beat continue...

  • one (05/09/2013, 11:31) Like (1) Dislike (0) Reply
    I really don't know why the citizens are acting as if they have no option; it's time the people realise that power lies in their hands. When these politians make untoward decisions, we don't have to take it. Egypt recently sent its government a strong message!
  • Manifest Illegality (05/09/2013, 11:44) Like (0) Dislike (0) Reply
    And the beat goes on
  • tretretrete (05/09/2013, 13:48) Like (3) Dislike (0) Reply
    Details???? No way!! This is NDP!!!

    NO DETAILS PERMITTED
  • east end massive (05/09/2013, 15:07) Like (0) Dislike (0) Reply

    Sam looking attention he ili****te backside

  • big girls rules (05/09/2013, 21:51) Like (0) Dislike (0) Reply
    A signature trait of the NDP administration. Grand announcements that amount to nothing more than deceit of the BVI people.
  • Johnson Bran (13/09/2013, 09:00) Like (0) Dislike (0) Reply
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