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

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

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.