Saint Lucia: Prime Minister Philip J Pierre has been making efforts to undertake the nation’s sustainable development. He took the initiative to help the local and small businesses through the MSME Loan Grant Facility.
The MSME Loan Grant Facility was launched in March 2023. The Ministry of Commerce and Development Bank officially launched it.
This Facility has been launched to help local and small businesses in Saint Lucia. Prime Minister Philip J Pierre and the Cabinet Minister are working tirelessly to sustain the nation’s growth. They have also been working collaboratively for the creation of wealth in Saint Lucia.
The MSME (Micro-, Small and Medium-sized Enterprises) Loan Grant Facility was officially launched on March 16, 2023. This Facility has successfully provided funding to the local and small businesses of Saint Lucia.
Through this initiative, the Labour Party (SLP) ensured their commitment to pick up the pieces of small businesses after the passage of COVID-19.
This Loan facility would be provided to small entrepreneurs aged between 30-60 years. In March 2023, the Ministry of Commerce and the Saint Lucia Development Bank officially launched the MSME Loan Grant Facility.
The MSME Loan Grant Facility opens up access to $10 million to finance the startup, operations and expansion of more than 450 Saint Lucian-based MSMEs.
By October 2023, The MSME facility has successfully granted the Facility to more than one million people. There have been 180 MSMEs which received approval. The MSME Loan Grant Facility has paid out $1.9 million to the approved MSMEs.
Under this Facility, Successful applicants are guaranteed a grant of 70% with a loan component of 30% at only 3% interest.
$10,000 for startups and new MSMEs
$20,000 for MSMEs in operation for less than a year
$25,000 for MSMEs operating for more than years
The MSME Loan Grant Facility heralds a new era of entrepreneurial prosperity and economic empowerment for MSMEs in Saint Lucia.