The Ministry of Commerce will be providing support to a number of businesses by way of grants, Minister for Commerce Emma Hippolyte told THE VOICE Thursday.
Business owners can acquire up to $10,000 in some instances. According to Hippolyte, with financial backing, individuals can strengthen their businesses.
Hippolyte spoke to The VOICE at a National Business Expo held at Constitution Park, part of Saint Lucia’s 44th Independence anniversary celebrations.
The event was organized by Export Saint Lucia.
“We felt it was important to recognize our business community, especially our manufacturers, because as you know, as a country our economy is impacted by our businesses. If businesses are doing well then the economy is doing well,” Hippolyte said.
“We want the world to see—not only Saint Lucians, what we can produce… there is help on the way at the Ministry of Commerce, Export Saint Lucia (and) the Brewery of Standards. We can test some of these products and we can help you with a small grant so (you) can build on it and improve (your) life which is fundamentally what we stand for as a country; putting our people first and ensuring we give them an opportunity in the economy of our country,” the minister added.
Persons seeking grants will be required to go through a specific process.
Said Hippolyte: “First, the person would have to identify a business name and they can go to the Ministry of Commerce— the Small Enterprise Development Unit (SEDU) and they would help them register that business. They will also help prepare a business plan and when we have those funds which we believe might be sometime in March, those persons can apply for a grant.”
First-time businesses stand a chance of getting “a package of $10,000, $7000 being a grant and $3000 being a loan at a concessional rate of three percent,” Hippolyte said.
If the business has been in existence for two years, “then that person stands to get a package of maximum $20,000; $14,000 of that being a grant and $6000 being a loan and if the business is more than two years old the max is about $25,000.”
According to the Ministry of Commerce, it is envisaged that SEDU will offer a more holistic approach to the development of the Micro and Small Enterprise (MSE) sector in Saint Lucia, with the core mission being to help businesses become globally competitive by providing long term consulting, training, financing and market research solutions that create real economic impact.
The Small Business Development Centre (SBDC) also known as SEDU, was officially launched in November 2014, and through it, offers Saint Lucian entrepreneurs expert knowledge and experience in a range of fields related to business development.
Speaking on the outcome of the Business Expo, Hippolyte said events like these are much-needed and contributes to entrepreneurs’ success.
“Last year we had ‘Export the Runway’ and most of the persons who participated got a market in the hotel industry, so that’s what I’m saying: we need to showcase first and then people will come… this really gives (us) an opportunity for people to see what we have because most times they do not know what we can do,” she noted.
The minister said persons can look out for more events like this in the future.
[M.A.]