Prime Minister Hon. Philip J. Pierre's government aims to bolster the economy by supporting small and medium-sized businesses via the MSME Loan-Grant Facility.

The MSME Loan-Grant Facility bridges the financial gap to give small and medium-sized businesses in Saint Lucia the opportunity to flourish. The facility gives approved MSMEs the capital injection needed to maximize their potential.

More than 175 Saint Lucian-owned small and medium-sized businesses have secured approval from the MSME Loan-Grant Facility to enhance their operations for improved profitability.

According to the UN, "Micro, Small and Medium Enterprises (MSMEs) are widely recognized for the important contributions they make to sustainable development, in terms of contributions to economic growth, creation of decent jobs, provision of public goods and services, as well as poverty alleviation and reduced inequality.

"They comprise a major share of total private sector entities in both developed and developing countries.

"The contribution of MSMEs to broader social economic objectives, including job creation makes them a key priority area for achieving the Sustainable Development Goals (SDGs). Job creation through MSMEs will often directly benefit the poor and vulnerable, particularly women and youth, thereby directly reducing poverty, increasing income and positively impacting on household investments in education and health over time."