Castries, Saint Lucia: Philip J. Pierre, Prime Minister of Saint Lucia, remarked that the government of Saint Lucia reaffirms his unwavering commitment to providing the necessary support to the manufacturing and service sectors for continued expansion, contributing to this nation’s economic well-being and prosperity.
PM J. Pierre announced that he is working to create a new generation of indigenous business people through the Youth Economy, the MSME Loan-Grant Facility and other initiatives by this administration.
He encouraged the citizens to seize these opportunities and to play their part in the development of Saint Lucia. Since March 2023, numerous micro and small business runners benefited from MSME Loan schemes and established their businesses throughout the country, playing a significant role in developing the island’s economy.
To access this facility, the applicant will first undergo an assessment by the Bank through the loan application process.
The application will then be forwarded to the ECPCGC for consideration to determine if the MSME satisfies the requirements for funding. Once approved, through this fund, the ECPCGC will guarantee 75 per cent of loans up to a maximum loan amount of EC$300,000.
PM J. Pierre conceptualized the MSME scheme in 2021; it was officially launched in March 2023. Since then, over 500 micro, small, and medium-sized enterprises in Saint Lucia have been granted with funds to boost their businesses.
While launching the scheme in March 2023, PM, Pierre mentioned that it is necessary to create innovators, entrepreneurs and small businesses to develop so the country can grow economically and increase its wealth.
He encouraged the young minds, emphasizing that they should not let financial problems stop them and benefit from the MSME scheme to grow or start a business.