BASSETERRE, ST. KITTS, August 28, 2024 (MMS-SKN) -- Federal Minister of Small Business, Entrepreneurship, and Cooperatives, the Hon Samal Duggins, has hailed St. Kitts-Nevis Anguilla National Bank’s (SKNANB) launch of a transformative new initiative, ‘Banking on Small Business’, which is designed to empower local entrepreneurs and fuel economic growth.
“National Bank’s initiative to introduce tailored financial solutions for small businesses is a commendable step demonstrative of their commitment to enable such an ecosystem,” said the Hon Duggins. “It exhibits a deep understanding of the unique challenges faced by small business owners and a willingness to invest in their success.”
Minister Duggins made the remarks on Wednesday, August 28, at the St. Kitts Marriott during the launch of the new initiative at a function that was also attended by Prime Minister and Federal Minister of Finance, the Hon Dr Terrance Drew, who also praised the National Bank.
Others present included Deputy Prime Minister the Hon Dr Geoffrey Hanley; Attorney General the Hon Garth Wilkins; Cabinet Secretary Dr Marcus Natta; PS in the Ministry of Small Business, Entrepreneurship and Cooperatives, Ms Delrine Taylor; and Chairman of Caribbean National Insurance, His Excellency Cedric Liburd.
“As the Minister of Small Business, Entrepreneurship, and Cooperatives, I am constantly reminded of the pivotal role that small businesses play in shaping our nation’s economic landscape,” said the Hon Duggins. “Small business owners have the potential to create employment opportunities, foster innovation, and drive inclusive growth in our communities. This potential increases exponentially when they operate in an ecosystem that is supportive and emphasises/prioritises investment in our Small Business sector.”
According to Minister Duggins, the launch was not just about financial products but was about partnership and collaboration, noting that it was about creating a support system that small businesses need to flourish. He further stated that the launch was about building bridges between the country’s financial institutions and its enterprising citizens to ensure that the pathway to success is paved with support, guidance, and opportunity.
Supporting the Minister included the Permanent Secretary, Ms Delrine Taylor; Assistant Secretary Ms Leah Crag-Chaderton; Director of Small Business Development Centre, Mr Philip Browne; Senior Business Advisors, Mrs Kyla Gibson-Dore, and Mr Delwayne Delaney; and Business Officer Ms Brianna Maynard.
While not directly under the Federal Ministry, from Nevis were Manager of the Small Enterprise Development Unit (SEDU) Mrs Angela Delpeche, and Business Development Officer, Mrs Shelissa Williams.
The Minister was particularly encouraged by the National Bank’s forward-thinking approach to recognising the importance of small businesses and entrepreneurs as key drivers of economic growth, and said that he looked forward to exploring how his Ministry could collaborate with the Bank to create a more robust and sustainable environment for small businesses to grow.
“To the small business owners and entrepreneurs tuned in, I want to say this: We see you. We hear you,” said Hon Duggins. “We understand the challenges you face, and we are committed to ensuring that you have the tools, resources, and support needed to succeed. This suite of financial products is designed with you in mind - to meet your needs, to empower you, and to help you achieve your goals.”
Launched by the St. Kitts-Nevis Anguilla National Bank (SKNANB) was a transformative new initiative, ‘Banking on Small Business’, which is designed to empower local entrepreneurs and fuel economic growth. Among those present from the Bank included Chairman of the Bank’s Board of Directors Mrs Carol Boddie, Managing Director, Mr Terrence Crossman, and CEO Mr Anthony Galloway.
The initiative, which will be spearheaded by the Bank’s Small Business Hub, focuses on providing support to small businesses through two anchor products, Business Start-Up Loans, which is tailored to financing solutions designed to help entrepreneurs launch their business with confidence, and Business Flex Loans which allows access to expert guidance from the Small Business Hub, ensuring that entrepreneurs have the resources they need to succeed.
“Let us take this opportunity to build stronger partnerships, deepen our collaboration, and continue working towards a future where every small business in St. Kitts and Nevis has the opportunity to succeed,” stated Minister of Small Business, Entrepreneurship, and Cooperatives, the Hon Samal Duggins. “Together, let’s make sure that our small businesses are not just surviving but thriving.”
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