Basseterre, St. Kitts, December 17, 2015 (SKNIS)—In delivering his 2016 Budget Address in the National Assembly on December 15, 2015, under the theme “Changing Lives—A fresh Start Towards Sustainable Development, Growth and Prosperity”, Prime Minister and Minister of Finance, Dr. the Honourable Timothy Harris, said that “the work in building entrepreneurship and small business development” has been given a fresh start with his Team Unity Government.
Speaking specifically to the recently launched Fresh Start Project for Small and Medium-Sized Enterprises (SMEs), Prime Minister Harris said that the project has given people hope in moving from poverty to entrepreneurship.
The Fresh Start Project was made possible through the assistance provided by the Government of the Bolivarian Republic of Venezuela’s joint venture company through its Petróleos de Venezuela S.A. (PDVSA) St. Kitts-Nevis Limited. The PDVSA made a loan to the Government of US$5 million that have been administered under the umbrella of the Development Bank of St. Kitts and Nevis.
The funds from the project have been exhausted, with just under 200 young and industrious persons from both St. Kitts and Nevis, who have subscribed in order to develop enterprise and entrepreneurship.
“We are building a new entrepreneurial class through the disbursement of concessionary loans to operators of micro, small and medium sized businesses operating in the Federation. The initiative has already benefited young and industrious persons from both St. Kitts and Nevis who have started businesses in a range of areas including tourism, law, public transportation, fisheries, agriculture, retail and wholesale,” Prime Minister Harris said.
“This initiative of the Team Unity Government is positively impacting persons who may otherwise be marginalized in terms of their ability to secure the necessary capital from the commercial banking system. We are negotiating a further support from the Government of Venezuela to meet the overwhelming response of our young people to our Fresh Start Programme,” he added.
The strong support of the Fresh Start Programme indicated the pent up need for financing suited to small businesses many of which did not possess the collateral and input demanded by the Commercial Banks.
Prime Minister Harris thanked the Government of Venezuela for the excellent cooperation and support exhibited in a short term of the government so far. Ms Maria Colmenares, Head of PDVSA (St Kitts and Nevis Ltd), was also commended for her excellent collaboration and cooperation with the government of St Kitts and Nevis in executing the Fresh Start Programme. Dr Harris says that regular reports on approvals from the Bank are submitted to the Government of Venezuela as part of its commitment to transparency and accountability.
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