B.V.I. Friday, October 23 – Premier and Minister of Finance Honourable Ralph T. O’Neal, OBE today assured small business operators that Government is committed to revitalising the sector.
As part of this effort, he disclosed that Government is currently in negotiation with the Caribbean Development Bank (CDB) to secure a line of credit for small businesses in the Territory.
Honourable O’Neal expressed confidence that Government will be successful in its negotiations with the bank during a meeting on Thursday between small business owners and representatives of the CDB who are visiting the Territory to conduct a needs assessment.
“Our twin-pillar economy is undergirded by service oriented industries and this new relationship with the CDB provides yet another opportunity for more BVIslanders to explore the untapped services in this Territory which are ripe for fresh business ventures,” Honourable O’Neal said.
The Premier also noted that Government’s commitment to the small business sector was clearly outlined in its manifesto which has since been approved as its official work plan. He reiterated Government’s vision for the sector. “Our small businesses will prosper in a supportive environment that will inspire entrepreneurship and provide opportunities for Virgin Islanders to participate in the growth of their country and realise personal aspirations.”
Permanent Secretary in the Premier’s Office Mrs. Rosalie Adams described Thursday’s meeting as a significant milestone for the Territory as it seeks to further develop small and medium sized enterprises, enhancing the possibilities for growth and their contribution to the local economy.
Mrs. Adams expressed the hope that the input received during the visit by the CDB officials will help promote “proper planning that would eventually lead to training of local entrepreneurs to build capacity that would lead to excellent businesses throughout Tortola and the inhabited sister islands.”
In his remarks at the meeting, Portfolio Manager in the Private Sector Development Division of the CDB Mr. Peter Blackman explained that the “CDB’s private sector development policy and strategy speaks to facilitating an enabling environment for business to grow and flourish.”
According to Mr. Blackman, “The provision of financing is not the panacea; it may be part of the solution but it is not the entire solution and hence an important part of the CDB package has to do with the provision of technical assistance.”
Designed to enhance and build the capacity of small business, the CDB’s technical assistance is channelled through its Caribbean Technological Consultancy Services Network (CTCS), which is a specialised technical assistance programme.
In his presentation to the local entrepreneurs, Investment Officer with the CDB Mr. Michel Thomas outlined the various services offered by the CTCS as well as the principal subject areas which include but are not limited to agro-industry and fisheries, food processing, hospitality services, accounting and computerisation, pottery, ceramics and craft manufacturing.
In addition to meeting with local entrepreneurs and stakeholders, the CDB team will also conduct site visits to various businesses. The CDB visit is coordinated by the Small Business Bureau of the Department of Trade and Consumer Affairs which functions as an advocate for programmes that address the issues affecting small businesses in the Territory.
British Virgin Islands News