Minister of Commerce and Business Development, Emma Hippolyte, has confirmed the extension of the MSME Loan Facility programme, a key initiative aimed at driving the growth of small and medium enterprises on the island.
Recent data shows that approximately 500 small businesses have successfully utilised the initial rounds of loan offerings.
Minister Hippolyte announced that the loan facility programme has now reached its third cohort, and the ministry has established an Evaluation Committee to efficiently process applications.
“The Evaluation Committee is actively finalising the assessment of the applications received,” she stated at a recent media briefing.
Looking ahead, Minister Hippolyte asserted that an additional $1 million is required to meet the increasing demands of the programme, as the initial allocation of $8.5 million has already been exhausted.
During the recent Saint Lucia-Taiwan Trade Fair, Prime Minister Philip J. Pierre committed to securing additional funding for both the MSME Loan programme and the Youth Economy Agency (YEA).
Minister Hippolyte called for patience from applicants awaiting evaluation from the second round of funding.
“As the third call approaches, I encourage individuals with business ideas to refine their proposals,” she emphasised. “Notably, several exhibits at the trade fair are beneficiaries of the MSME loan programme and the youth initiative, showcasing the programme’s significant impact on the business community.”
She highlighted that both men and women have equally benefited from the MSME loan programme.
Additionally, Minister Hippolyte identified Export Saint Lucia (ESL) and the Saint Lucia Bureau of Standards (SLBS) as essential partners collaborating closely with the Ministry of Commerce.
“These two institutions work together with us to ensure the effective realization of our MSME initiatives,” she explained.
Hippolyte further clarified that once the ministry provides technical assistance to a manufacturer ready for growth, the SLBS will aid in enhancing quality packaging while ESL will support branding and marketing efforts.
On Friday, November 8, the Organization of American States (OAS), in collaboration with Florida Atlantic University (FAU), conducted an information session titled “Elevating Caribbean Micro, Small and Medium Enterprises (MSMEs).”
The programme is designed to empower small businesses by
– Building Capacity: Strengthening the ability of businesses to thrive.
– Expanding Market Potential: Unlocking opportunities in the U.S. market.
– Enhancing Readiness: Preparing businesses to engage successfully with U.S. clients and partners.