Got TIPS or BREAKING NEWS? Please call 1-284-442-8000 or Email ALL news to:newsvino@outlook.com; ads call 1-284-440-6666

New CDB backed revolving fund created for young entrepreneurs

- Business financing will be available through National Bank of VI
According to Premier and Minister of Finance, Hon Andrew A. Fahie (R1), to boost the economy, innovation and entrepreneurship will be the next wave of how the people of the Virgin Islands, especially the youths, will be able to achieve upward mobility. 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
Some of the persons at the launch of the 1000 Jobs in 1000 Days employment initiative at Central Administration Complex on Wickham’s Cay 1, Tortola on August 21, 2019. Photo: VINO/File
Some of the persons at the launch of the 1000 Jobs in 1000 Days employment initiative at Central Administration Complex on Wickham’s Cay 1, Tortola on August 21, 2019. Photo: VINO/File
While Premier Andrew A. Fahie did not specify the requirements to get the loan or when the funding will be available, he said some training will also be mandated ahead of entrepreneurs receiving the funding. Photo: VINO/File
While Premier Andrew A. Fahie did not specify the requirements to get the loan or when the funding will be available, he said some training will also be mandated ahead of entrepreneurs receiving the funding. Photo: VINO/File
BAUGHERS BAY, Tortola, VI - 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.

This was revealed by Premier and Minister of Finance, Hon Andrew A. Fahie (R1) 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.

The money will come with stipulations, "We are trying to make sure that unlike in the past, that this money is more accountable [and] being more accounted for," Hon Fahie further highlighted. 

Monitoring & Evaluation 

While the Premier did not specify the requirements to get the loan or when the funding will be available, he said some training will also be mandated ahead of entrepreneurs receiving the funding. 

"In order to get the money, some specific training has to be done and when the training is done and the money is received, there will be some monitoring of the businesses because it is a revolving fund," he said. 

Hon Fahie continued, “So the success of your business, of your idea, leads you to pay back the loan and once you pay back the loan more people of the Virgin Islands can be able to benefit from it." 

Since taking office, the Premier Fahie led Virgin Islands Party (VIP) Government has embarked on several youth empowerment projects such as local skills training and the '1000 jobs in 1000' days job initiative.

9 Responses to “New CDB backed revolving fund created for young entrepreneurs”



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.

Weather


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.