Sir Branson initiates loan for VI entrepreneurs 'falling through the cracks'
Speaking exclusively to Virgin Islands News Online from Necker Island, Mr Branson said the idea came about following a conversation he had some three months ago with Premier Dr the Honourable D. Orlando Smith, who had told him there were a number of young people who weren’t getting bank loans because they didn’t have the security.
“So the idea is basically to try to help people who sort of got great ideas but are falling through the cracks.”
Mr Branson said an initial $200, 000 has been put into the loan to get things rolling and more money may be added to the loan, however, he is also trying to get other business persons in the Virgin Islands to contribute to the loan, which will be a revolving fund.
“Every penny that comes back in from the loans will be lent again so obviously we wouldn’t make any money from it, we would just be reinvesting the money into new loans.”
First beneficiaries of the loan, however, would be asked to mentor the up and coming businesspersons. “And we are also looking for mentors, people who maybe run businesses already or people who have retired in the BVI, to help the young entrepreneurs with their businesses.”
Ask if there would be an interest attached to the loans, Mr Branson said there would be but that it would be put back into the loans to be lent out to other entrepreneurs. “All the money will be permanently recycled into further loans for people in the BVI…the initially money is practically a gift to the British Virgin Islands as a whole…”
He noted that the payback period for loans may vary depending on the business project.
Ask what sort of busineses may have an advantage of securing loans, Mr Branson said “We want to fund businesses that don’t necessarily duplicate other businesses. We will give priority to people who come up with ideas that bring something new to the British Virgin Islands…and if they can be environmentally friendly that too would be a very big plus as well.”
It was also noted that the loan fund is not only for VIslanders but also Belongers and other persons living in the Virgin Isands.
“Anybody who is living in the British Virgin Islands, we are not bracketing it or wanting to limit it, so anybody who has got a good project in the British Virgin Islands, who is going to create jobs and make a difference, can apply.”
Mr Branson said his loan initiative has received the backing of Mr Larry and Lucy Page. Mr Lawrence ‘Larry’ Page is notably the co-founder and Chief Executive Officer of Google. “He has a home in Eustatia Island and he and Lucy are now a part of the British Virgin Islands community and they also want to make a difference…,” Mr Branson said.
One of the first person to benefit from the new loan initiative is Mr Allington Creque aka DJ Gumption. The loan enabled Mr Creque to purchase a glass bottomed boat.
Other persons wishing to benefit from the new loan initiative are invited to submit their business idea via email to bvientrepreneurs@virgin.co.uk.
Mr Branson, through his company Virgin Group, has established Centres of Entrepreneurship in Johannesburg and Jamaica, where practical business skills, mentorship and support to develop aspiring entrepreneurs are offered. He noted, however, that it is actually the first time that loans are being given out, which makes this initiative in the Virgin Islands very unique.
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46 Responses to “Sir Branson initiates loan for VI entrepreneurs 'falling through the cracks'”
can’t have you cake and eat it...what behind of this?
Perhaps because "Mr Branson said the idea came about following a conversation he had some three months ago with Premier Dr the Honourable D. Orlando Smith, who had told him there were a number of young people who weren’t getting bank loans because they didn’t have the security"
Because of this i have a business that's make's me an CEO, been doing this sincer october 2012, Richard Branson dd not had to come out publicly and mention this, I't was myself that help get this stared some people whos' like me with no money & no help from the bank's,family members, or government can have dreams made. Mine did and no matter what you all say, i VOTE for the one that puts food on the table & the reason my bills are paid.
Thanks you SIR Richard Branson & i wount let us down.Progress is the key to life, dream's acn come to life, i have been living mine since 10/19/2012 till this day......https://www.facebook.com/profile.php?id=100002866334661&fref=ts#!/pages/Sea-It-Clear-GlassBottom-Boat/280545405318060?fref=ts
Everything gotta be marketing with these people. Next RealTalk will want Disney to come turn Gumption into one of their robots.
By the way Gumption, say hi to the turtles for me.
Branson. A lot of Virgin Islanders(British) here have at least 200 grand and not one have ever even thought of setting up a micro -loan industry for the young people.
Let's see if this move by the "foreigner" will foster action among the "Belongers"!
I am happy for you. Your business idea seems an excellent one. Maybe you can hire my company to ensure the written and spoken aspects of your venture are as good as the service you provide to your customers
A personal thank-you to you, Sir Richard, Larry and Lucy Page, and to the many benefactors to follow suit, for your investment in the people of this Territory. I wish continued success in your business endeavours.
Mr. Branson, you are a great citizen and thank you.
A man to garner much fame
Bought every plot
Yes, there were a lot
And now "Sir Richard" is the only name
You hit it high.
maaad respect.
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