Saint Lucia: Deputy PM Ernest Hilaire shares glimpse of MSME Loan-Grant Facility

Castries, Saint Lucia: Ernest Hilaire, Deputy Prime Minister of Saint Lucia, said that on March 16, 2023, the Finance Administrative Center hosted the official opening of the MSME Loan-Grant Facility. 

He provided a glimpse of the launch ceremony on social media and claimed that they are investing in their people for the collective development of the country. 

Minister Hilaire posted, “We are investing in our people,” on his Facebook page. They are the backbone of our economy, so we must provide them the support they require to get off the ground. The loan amounts will aid new ventures in achieving success and rapid development in the upcoming years.

Entrepreneurs will have the option of applying for funding through a combination of a 70% grant and a 30% concessionary loan with a low-interest rate of 3%.

According to a new facility established by the government of Saint Lucia, it can offer small and fledgling firms 70% grants and 30% loans in order to provide vital help during their start-up phase and support them as they gain capacity. 

Minister Hilaire makes it clear that he has complete faith in Saint Lucia’s people and believes they will succeed. According to the deputy prime minister, they have the talent to compete on the international stage.

He added, “Let’s invest in one another and our people so they may grow as individuals, as well as our economy and island as a whole. 

During the event, Prime Minister of Saint Lucia, Philip J. Pierre, officially launched The Micro, Small and Medium Businesses [MSMEs] Grant-Loan Facility with an investment of $10 million to support the country’s economic growth.

Entrepreneurs will have the option of applying for funding through a combination of a 70% grant and a 30% concessionary loan with a low-interest rate of 3%.

The deputy prime minister emphasised that he recently stated at the Young Economy Agency Saint Lucia’s launch that his administration seeks to offer the framework to enable the citizens of Saint Lucia to become the country’s wealth producers.

He stated that the Saint Lucian government would continue to offer funds and opportunities for businesses while ensuring they maintained discipline in their work.

The application forms can be filled out online from March 15, 2023, at the official Website of the Commerce Ministry: www.commerce.gov.lc. They also described the terms and conditions for applying for Small and Medium Enterprises [MSMEs] Grant-Loan Facilities.

• A business plan that includes financial predictions is submitted with the form, which must be completed in duplicate with the original signature.

• Each applicant is limited to one (1) application. A person or organisation can only use the Loan-Grant service once.

• Candidates must be citizens of Saint Lucia between the age of 31 and 60. Submitting supporting documentation, such as invoices and health records, is essential. 

•  After the approval, the applicants must follow the program’s monitoring requirements, submit a credit check, and get the necessary training and technical help.

• Micro Enterprise: Having five employees and a $100,000 yearly turnover cap is necessary. Net worth should not exceed more than $75,000.

• Small Enterprise: Having 6–20 workers is compulsory, with an annual turnover of around $500,000. Net worth is no more than $200,000.

• Medium Enterprise: Having 21 to 50 employees is required, with an annual revenue of up to $1,000,000. Net worth is no more than $500,000.

• Potential companies: 10,000XCD Companies that have only been around for two years or less: 20,000XCD

• Companies that have been around for more than two years: 25,000 XCD