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Local small businesses urged to develop stronger relationships with banks

-Deputy Premier Lorna G. Smith said move is part of plan to access financing
Deputy Premier and Minister for Financial Services, Labour, and Trade, in the Virgin Island Hon Lorna G. Smith, OBE has partnered with the local banking sector to bring benefits for Micro, Small and Medium-Sized Enterprise (MSMEs) in the Virgin Islands, urging those businesses to build partnerships with the banking sector. Photo: GIS/File
According to the Ministry, the Expo was designed to identify enhanced ways for all stakeholders to work together, with the common goal of developing a conducive environment for MSMEs to be at the forefront. Photo: GIS/File
According to the Ministry, the Expo was designed to identify enhanced ways for all stakeholders to work together, with the common goal of developing a conducive environment for MSMEs to be at the forefront. Photo: GIS/File
ROAD TOWN, Tortola, VI- Deputy Premier and Minister for Financial Services, Labour, and Trade in the Virgin Islands, Hon Lorna G. Smith, OBE has partnered with the local banking sector to bring benefits for Micro, Small and Medium-Sized Enterprise (MSMEs) in the Virgin Islands, urging those businesses to build partnerships with the banking sector.

This comes following the Business Banking Expo held last month, June 2024, in the territory.

“To build stronger bridges between the business and banking communities, the Ministry of Financial Services, Labour and Trade, in collaboration with the BVI Bank Association organised the BVI Business Banking Expo, which invited all MSMEs to engage with their local banking professionals,” a release on the initiative added.

The Deputy Premier said: “We know the challenges that our business community has with banking procedures, in particular, with accessing finance to create robust business plans, growing their businesses, and forging a successful and sustainable path forward.” 

Hon Smith said to do this, it is critical for the local business community to develop a stronger relationship with the banks and to obtain a deeper awareness of the services they provide.

“I am delighted with the number of attendees at the Expo, and I will ensure that my Ministry continues to work closely with the banks and the business community to ensure that the many ideas discussed at this forum are taken forward,” she added.

Working together 

Presenters at the Expo included the Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7), the Deputy Premier, as well as representatives from the Financial Services Commission, the BVI Bank Association, the BVI Chamber of Commerce and the Department of Trade and Investment Promotion and Consumer Affairs.

According to the Ministry, the Expo was designed to identify enhanced ways for all stakeholders to work together, with the common goal of developing a conducive environment for MSMEs to be at the forefront.

All those present recognised the need for increased engagement, hence the banking sector’s decision to engage in more educational campaigns to boost consumer awareness of banking products and facilitate easier client navigation.

Following the banking conference, the Deputy Premier has followed up with engaging with the BVI Bank Association to discuss further efforts to improve financial literacy amongst entrepreneurs and build awareness of financing opportunities.

Deputy Premier Smith said: “I am delighted to see our local banks presenting practical funding options. I am extremely excited about the opportunities this will bring for our MSMEs; in addition to my Ministry’s efforts to establish the MSME grant assistance programme to complement the private sector offerings,” she added.

18 Responses to “Local small businesses urged to develop stronger relationships with banks”

  • 2024 (08/07/2024, 14:59) Like (13) Dislike (1) Reply
    pure sentences
    sorry pure talk
    • VOTE OF NO CONFIDENCE (09/07/2024, 05:37) Like (2) Dislike (1) Reply
      That will not work. Too many leaders and Egos on the opposition and a Snake from #3 just waiting to jump over on the Government Bus. I know, I believe Decastro considering Joining with the opposition but what will she get. Like I say when she Jump over #3 Jump over. So, Lets just wait for 2 more yrs. It will come quickly.
  • jack@$$ (08/07/2024, 15:10) Like (15) Dislike (3) Reply
    The Banks here are acting like the old slave owners
  • On hold (08/07/2024, 15:10) Like (30) Dislike (0) Reply
    If anyone at the banks would answer their phones we could give it a try!
    • THINK! (08/07/2024, 23:37) Like (20) Dislike (0) Reply
      You are so right. Nobody answers the phone at Popular. No extentions are listed. This standing in the blazing sun for service, broken ATM machines, empty ATM's . No regards for the elderly. They treat us like it is not our money in the bank. We get higher fees than PR and I am sure we put more money in the pot.
      • @ Think. Ur so correct. (09/07/2024, 05:47) Like (5) Dislike (0) Reply
        This Minister is useless. I saw her headng to the Ferry to travel She stop by the ATM to get some Cash. She got none. She was so disaapointed. I said to her this the norm Hon Minister. She said She will address it. It's been 8- 9 months ago. Same shiii going on every day.. Mainly 2 Banks. Banco and FCIB, especially after a long holiday weekend. We hopping from Bank to Bank. .Just like how she hoping over the issues. Non getting solved.
  • huh (08/07/2024, 15:15) Like (28) Dislike (0) Reply
    Its the BANKS that need to build better and stronger relationships with the small business and general customers.
    They are all, without question pathetic when it come to custo.er service.
    Go to puerto rico for instance the service is onthe ball, asy to work with...even in st thomas also. So why on earth is eerything difficult.
    Who thought of the idea of doing wire transfers at the teller...why should we have to wait in line at the banks to make a deposit or withdrawal behind someone who is tking 15 minute todo a transfer. Havea separate line for that alone and when there is noine waiting to make a transfer call on those waiting to do their general banking..not the other way around.
    All banks in theBVI need to do better for the customers...nottge ither way around !!!
    Every government who comes in promused to sort out tge banks and the insurance companie...never happens. False promised.
    As a country weare supposed to be one of the best and busiest offshore banking area in THE WORLD...how about us who luve herr..why do we get pushed asiide for the betterment of the offshore entities.
    Fix it. Dont just talk about it !
  • Rubber Duck (08/07/2024, 16:36) Like (19) Dislike (0) Reply
    Interesting that Lorna appears to be taking the side of the banks ( who are the worst in the world with no doubt ) and telling the customers the lousy service is their fault. How low should we bow to them Lorna?
  • cap (08/07/2024, 17:17) Like (17) Dislike (0) Reply
    The banks here are a joke. It is impossible to rely on them for personal matters let alone commercial. And don’t even get me started on interest rates for small loans to expand small businesses. Banks are in the business of getting richer, not helping the little guys.
  • Webster (08/07/2024, 23:32) Like (12) Dislike (0) Reply
    No business should want a relationship with Republic Bank. No individual should either. As a matter of fact, I think Financial Services should be investigating this bank with a view to suspending their banking license until they do better. They are the worse bank to ever operate in the Virgin Islands by far.
    • @Webster (09/07/2024, 06:44) Like (11) Dislike (0) Reply
      1000% Agreed. Its not only in the Virgin Islands but every Caribbean island where RB operates is complaining about them. Their banking license should REVOKED throughout the entire Caribbean region but as usual the Governments NEVER listens to the public. Let them operate in their home country, Trinidad. They can deal with this rubbish of a bank.
      • @@webster robbery (09/07/2024, 22:08) Like (2) Dislike (0) Reply
        This bank continues to rob its customers from the day they change over from scotia until now. This bank definitely needs investigating. All types of accounts and customers need to keep check on their accounts
  • She is in the banks corner (08/07/2024, 23:44) Like (6) Dislike (0) Reply
    What about the small business bureau ?
  • BVI Tiffany. (09/07/2024, 05:31) Like (6) Dislike (2) Reply
    Fed up of you. You are a turn off. Nothing I hate more than people who just talk, talk, talk, promise, promise, promise. Thats you. Nothing to show to date.
  • Maria Louisa Varlack (09/07/2024, 06:29) Like (3) Dislike (0) Reply
    are the politicians in the british virgin islands laughing at the people and making fun of the people and ridiculing and intimidating the people? are the politicians in the british virgin islands making a dangerous joke to destroy peoples life?
  • Roger Burnett (09/07/2024, 06:57) Like (3) Dislike (0) Reply
    The last thing a small business needs is the burden of a bank loan.

    I recently gave a presentation for university students from the States who are studying ways of encouraging small businesses in the Caribbean. In the presentation I cited eight entrepreneurs I have known personally. They had all started their multi-million dollar entreprise on a shoestring and without a bank loan.
  • Use (09/07/2024, 22:15) Like (1) Dislike (0) Reply
    The banks are there to facilitate people financial needs bt they take advsntage of the por this territory especially if the clients are venerable. Interest rates are to high
  • What Banks? (10/07/2024, 07:20) Like (0) Dislike (0) Reply
    There are no banks in the BVI worthy of business. All a set of useless, inept, incompetent idiots trying to push 1980’s technology. GTFOH with this talk. My recommendation for any smart business here is the your banking offshore. Don’t waste your time with idiots who still write checks in 2024.


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