The Ministry of Commerce, Manufacturing, Business Development, Cooperatives, and Consumer Affairs has announced its second call for applications for the Micro-, Small-, and Medium-sized Enterprise (MSME) Loan-Grant Facility from April 2, 2024, to May 2, 2024. This facility, with a total of EC$10 million in funding, aims to provide post-COVID-19 relief to registered MSMEs. It offers a combination of 70% grant and 30% loan funding at an attractive interest rate of 3%, without requiring collateral. Applications can be accessed online through the Ministry of Commerce’s portal or in person at the Ministry’s office in Castries.
Applicants for the MSME Loan-Grant Facility must be Saint Lucian nationals between the ages of 31 and 60. They are required to submit a completed application with an original signature and a business plan that includes financial projections. Supporting documents such as proforma invoices and health certificates must also be provided. Successful applicants will undergo a credit check, relevant training, and technical assistance, as well as comply with the program’s monitoring requirements. The funding allocation ranges from $10,000 for new businesses to $25,000 for those in operation for over two years in priority sectors such as manufacturing, agriculture, agro-tourism, and selected services.
Eligible use of funds under the MSME Loan-Grant Facility includes equipment upgrades, food safety certifications, purchase of raw materials, technical assistance, product development, retrofitting premises, training programs, and packaging design. Ineligible uses of funds include personal expenses, overhead costs, travel expenses, interest on outstanding loans, tax arrears, and items already financed by another source. The facility does not cater to accommodations or non-profit businesses. The acting director of the Small Business Development Center, Mr Jonathan Allain, is optimistic about the response to the second call and plans to provide additional training to improve applicants’ chances of success.
Applications for the MSME Loan-Grant Facility are open from 8:00 a.m. to 3:00 p.m., Monday through Friday, and must be submitted at the Ministry of Commerce’s office in Castries. Only one application per person is permitted, and individuals or entities may only benefit from the facility once. The Ministry encourages businesses in priority sectors such as manufacturing and agro-processing to apply for funding to support their growth and development. With a focus on post-COVID-19 relief, the facility aims to stimulate economic activity and provide financial assistance to MSMEs in various sectors across Saint Lucia. Applicants are urged to adhere to the program’s guidelines and requirements for a successful application process.
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16 Comments
I dont think small businesses should get special treatment. Why not everyone?
Small businesses are the backbone of our economy. They create jobs, support local communities, and drive innovation. Giving them special treatment is a smart investment in our future. Lets prioritize those who need it most.
Why should taxpayers foot the bill for small businesses mistakes?
This loan-grant facility discriminates against left-handed entrepreneurs. Lets fight for equality!
I think this loan-grant facility is a waste of taxpayer money.
Why are they giving money to small businesses instead of individuals in need?
Why are they prioritizing loans over grants? Grants are more beneficial for struggling businesses!
Loans help businesses sustain themselves long-term, while grants provide temporary relief. Prioritizing loans ensures businesses can survive beyond the current crisis. Its about sustainability over a quick fix. Grants alone may not be enough to keep struggling businesses afloat in the long run.
I wonder if the criteria are fair for all applicants.
Why not expand eligibility criteria to help more entrepreneurs access funds?
Expanding eligibility criteria may dilute the quality of applicants and funds allocated. Focusing on supporting high-potential entrepreneurs ensures better use of resources and increases the likelihood of successful ventures. Quality over quantity.
Is this really the best way to support small businesses in Saint Lucia?
Is this really helping small businesses or just creating more debt? 🤔
Should the loan-grant facility prioritize certain sectors for economic growth? Lets discuss!
Should applicants have to demonstrate sustainability plans to qualify for the loan-grant facility?
Absolutely. Its crucial for applicants to show theyre committed to long-term environmental and social responsibility. Its not just about the money; its about creating a better future for everyone. Sustainability shouldnt be optional; it should be mandatory for those seeking financial assistance.