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Hon Smith calls on banks to keep their promise to support local MSME sector

Junior Minister for Financial Services and Economic Development, Honourable Lorna G. Smith, OBE (AL), has called on financial institutions to keep their promise to support the country’s Micro, Small, and Medium Enterprise (MSME) sector. Photo: GIS
The second Micro, Small and Medium Enterprise (MSME) Grant Distribution Ceremony was hosted by the Department of Trade, Investment Promotion, and Consumer Affairs on Friday, August 29, 2025. Photo: GIS
The second Micro, Small and Medium Enterprise (MSME) Grant Distribution Ceremony was hosted by the Department of Trade, Investment Promotion, and Consumer Affairs on Friday, August 29, 2025. Photo: GIS
ROAD TOWN, Tortola, VI- Junior Minister for Financial Services and Economic Development, Honourable Lorna G. Smith, OBE (AL), has called on financial institutions to keep their promise to support the country’s Micro, Small, and Medium Enterprise (MSME) sector.

She made this appeal during the second MSME Grant Distribution Ceremony, hosted by the Department of Trade, Investment Promotion, and Consumer Affairs on Friday, August 29, 2025.

Hon Smith stated, "You go on your knees, whatever you do does not seem to be good enough, so I’m appealing to banks to support this sector to support our small businesses."

The Junior Minister referenced the Virgin Islands Business Banking Expo that took place in June 2024, stating, “They hosted a bank expo last year, and at the end of it, [during] the testimonials, they made a number of promises.”

Other institutions also encouraged to lend support

The banking expo aimed to enhance collaboration and growth within the business sector by bringing together banking institutions, MSMEs, and entrepreneurs.

In addition, Hon Smith urged community members, including Unite BVI and other stakeholders, to support the MSME sector.

Angel financing

She emphasised the potential of wealthy individuals to assist businesses through angel financing, noting that this is a significant area where investors can expect returns on their investments.

Furthermore, Honourable Smith suggested that angel financing should be an initiative taken up by the Ministry and the Department of Trade, Investment Promotion, and Consumer Affairs.

Angel financing refers to an investment model wherein "business angels" – essentially, high net worth individuals – provide financial backing for small businesses in exchange for equity in the company. Angel financing can be a one-time investment, or it can refer to ongoing support. 

10 Responses to “Hon Smith calls on banks to keep their promise to support local MSME sector”

  • Cindy (03/09/2025, 17:06) Like (1) Dislike (1) Reply
    what is Leroy smiling about?
  • 2024 (03/09/2025, 17:33) Like (13) Dislike (1) Reply
    pure lip service because not one thing will change
    There is a need for political change moving forward
  • Donald trump (03/09/2025, 17:47) Like (7) Dislike (3) Reply
    This is a joke they should be cutting interest and Lorna have all American Billionaires and Trillionaires hiding the money we should be collecting down there in BVI and collecting her share.
  • Money missing (03/09/2025, 18:00) Like (20) Dislike (0) Reply
    - BVI Airlines $7 million United States Dollars
    - Bank of Asia $5 million United States Dollars

    Maybe the former Director knows where it went?
  • please (03/09/2025, 19:51) Like (9) Dislike (0) Reply
    Ms. Smith provide the public with a financial example of a micro, small and medium business in the BVI. This article is very vague about the economic size of each MSME.
  • Citizen (03/09/2025, 21:49) Like (4) Dislike (2) Reply
    Raise minimum wage, deal with consumer protection (tell mark he price dem too high), reduce rent!!!
  • disappointed (03/09/2025, 23:07) Like (7) Dislike (0) Reply
    You apply. Not even the courtesy to tell you you did not get approved and why. But you see big ceremony awarding others. Why do we operate like this? We are human beings but you treat us with no dignity. You Corner Lady could never get my vote ever again. You have not made a difference. You fell in line with the VIP and made this country worse that it was.
  • Go sit down.. (04/09/2025, 05:50) Like (31) Dislike (0) Reply
    You are as fake as they come...We all live in Mac Namara, For days we don't have water, the Roads into Mac Namara washed away from the last rains, it needs a proper concrete fix. Yet I haven't heard you spoke publicly of those things, real issues affecting thousands.
  • Anonymous (04/09/2025, 06:13) Like (0) Dislike (9) Reply
    We voting for Lorna come next election
  • What on my mind (04/09/2025, 11:05) Like (3) Dislike (0) Reply
    Lorna Dear.. I think I waste my vote on you..
    Was expecting you to be in my corner.. but I see you only in your own corner with your friends and family


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