THE OBJECTIVE OF THE INITIATIVE IS TO ASSIST SMALL BUSINESS AND STARTUPS WHO FAIL TO MEET CONDITIONS FOR BANK LOANS.

A progress report on the Government of Saint Lucia’s loan grant facility for small businesses has shown that more than one million dollars has been disbursed to small businesses.

Under the program, targeted toward medium, small and micro enterprises (MSMEs), a total of $180 small businesses from across the island have benefited. Since the program’s launch in May 2023, 311 applicants have been reviewed and 180 businesses have been approved for grants. These stats were shared at a progress report briefing on the loan facility.

Ministry officials they anticipated 200 applicants in the first year, but received more than 500 applications in the first few months. This was disclosed by Mr. Joseph Allain of the Ministry of Commerce. He also revealed the ages and sectors of the grant awardees.

The loan grant facility is a $10 million fund sourced from the Caribbean Development Bank (CDB). Its objective is to assist small business and startups who fail to meet conditions for bank loans.

Minister for Commerce, Manufacturing, Business Development, Cooperatives and Consumer Affairs, Honourable Emma Hippolyte, said the demand has exceeded expectations. As a result, there is need to engage the CDB for more funding.

The progress report briefing was also addressed by Prime Minister, Honourable Phillip J Pierre who said it was an occasion for celebration. Given the number of applicants from the south of the island, he called for the establishment of a fully functioning Commerce Office in the south. The Prime Minister also used the occasion to announce the implementation of a one-time financial assistance payment of $1500 to 5000 citizens who were adversely impacted by the COVID-19 pandemic.  The roll out starts next month.