By Reginald Andrew
The government has invested $540,000 to improve the operations of fishermen and cooperatives, with the goal of increasing the country’s food security.
Commerce Minister Emma Hippolyte made the announcement while addressing parliament during the budget debate on Thursday.
The MSME loan investment program will directly help a wide range of fishermen and cooperatives.
“Fourteen farmers and fisher cooperatives will access funds to upgrade their projects,” the Minister stated during her presentation.
The Unleashing the Blue Economy (UBEC) Project will allocate 20% of these funds to four value-added cooperatives: Castries Fishers , Choiseul, Soufriere, and Belle Vue.
The minister pointed out, “These cooperatives will utilize the funds to collaborate on projects that boost food production, including tilapia, fresh fruits, and vegetable dehydration.”
The remaining 80% will allow another ten cooperatives to acquire finance for their major projects.
For example, the Coconut Growers Cooperative works to increase coconut production. Other projects include Belle Vue Cooperative farmers resuming organic food production and Mille Fleurs Cooperative improving operations at the La Caye Honey Processing Facility.
Support for the Baking Industry through the MSME Loan Programme:
Minister Hippolyte recognised bakers’ importance in securing food security by stating that, “Our bakers are indeed facing severe, long-standing challenges, from outdated equipment to staffing difficulties and limited innovation.”
To address these challenges, the MSME loan programme will offer targeted interventions to improve this vital sector in three key areas: capital support for equipment upgrades, training to strengthen bakers’ operational capacity, and a National Mentoring Initiative in collaboration with the Bakers Association.
The minister revealed that 20 bakeries will receive funds for equipment installation, while over 100 bakers and staff will be trained in areas such as financial management, inventory control, and safety regulations.
An assessment of the MSMEs’ activities in the first and second cohorts will reassess qualification requirements and suggest additional areas for help.
While the MSME Loan programme has primarily targeted adult individuals, the SBDC/YEA programme specifically targets secondary school grades IV and V. “During the summer, we provide stipends for students to undertake a Hand Welding Entrepreneurial Experience,” she said.
Over the previous four years, the programme has grown from 40 to 96 students and 29 to 56 businesses.
“This initiative has expanded to include 15 study areas, such as woodwork, handicraft, culinary arts, cosmetology, agro-processing, barbering, electrical engineering, mechanics, science, and financial assistance,” Hippolyte stated, revealing that the government has allocated EC$150,000 to this programme.
The minister emphasized that through the SBDC/YEA programme, “we are nurturing future entrepreneurs, innovators, and job creators, empowering our youth, and strengthening our nation’s economic resilience.”
The ministry is committed to shift its emphasis toward entrepreneurship growth. In February, a southern office was established to reach out to enterprises in Dennery, Vieux Fort, Laborie, and Soufriere, demonstrating the organization’s dedication to economic diversification.
The Ministry’s Role in the Digital Enhancement Programme:
Minister Hippolyte declared unequivocally that “technology is the engine that drives innovation, competitiveness, and sustainable economic growth.” She highlighted the ministry’s work with the OAS to build three E-Commerce Platforms, which will help MSMEs establish a strong digital presence.
This year, 78 Point-of-Sale machines have already been given to 31 enterprises in a variety of industries, with the majority of them being used for cash transactions.
Priority measures this year will include improving E-Commerce Digital platforms to attract more firms, extending digital payment alternatives, fine-tuning logistics and delivery systems, and strengthening local digital platforms for long-term effect.
Hippolyte stated, “These initiatives go beyond technology; they are about empowering and unlocking the digital potential of our MSMEs.” We are expanding into new markets, increasing competitiveness, and strengthening Saint Lucia’s economic resilience.