Minister for Financial Services, Labour and Trade Hon Lorna G. Smith, OBE is inviting all banking institutions in the Virgin Islands to a business banking exposition scheduled for the second quarter of 2024. Photo: VINO/File

In a statement during the Ninth Sitting of the First Session of the Fifth House of Assembly on March 5, 2024, Hon Lorna G. Smith, OBE said the upcoming Virgin Islands Business Banking Expo, an innovative event aimed at enhancing collaboration and growth within our business sector, will bring together banking institutions, Micro, Small, and Medium Enterprises (MSMEs), and entrepreneurs. Photo: YouTube

In a statement during the Ninth Sitting of the First Session of the Fifth House of Assembly on March 5, 2024, Hon Smith said the upcoming Virgin Islands Business Banking Expo, an innovative event aimed at enhancing collaboration and growth within our business sector, will bring together banking institutions, Micro, Small, and Medium Enterprises (MSMEs), and entrepreneurs.

‘Substantial benefits’ expected

She said the event will provide a platform to showcase banking industry innovations and trends, offer valuable knowledge to small business owners and entrepreneurs, empowering them with the tools for success, and facilitate networking, enabling direct interaction between the financial sector and businesses, thus promoting mutual understanding and cooperation.

“Madam Speaker, I expect this Expo to deliver substantial benefits to our community, including improved financial literacy for MSMEs so that they can make informed financial decisions; better access to financing, crucial for economic expansion; and the promotion of innovation within the financial services sector, leading to more tailored products and services for local businesses,” Hon Smith stated.

The Minister for Trade said an exact date and time is yet to be chosen but will be done to maximise attendance while at the same time minimising business disruption.

Empowering entrepreneurs & small businesses

According to Hon Smith, the event will feature well-known keynote speakers, offering insights into the financial sector's current state and future directions; MSME representatives sharing their experiences and strategies for obtaining financing; Industry regulators contributing insights from their vast expertise; and Banking institutions as exhibitors, presenting their offerings and engaging with existing and potential clients.

The Minister also said by bringing together these key stakeholders, the VI Business Banking Expo presents a unique opportunity to empower our entrepreneurs and small businesses through crucial information and connections, stimulate innovation within the banking sector, [and] support economic growth by nurturing a cooperative business relationship between banks and entrepreneurs large and small.

“I am confident this initiative will serve to strengthen our financial ecosystem and boost our business community. I encourage all banking institutions, MSMEs, and entrepreneurs to actively participate in this significant event, seizing the opportunity to connect, discover, and support our business sector's growth and prosperity,” Hon Smith said as she invited interested persons to get in touch with the Department of Trade and Business Development for further information.