Castries: The Prime Minister of Saint Lucia, Philip J. Pierre, is taking measures to support local and small businesses to grow through the MSME Loan Grant Facility.
His continuous efforts towards the country’s sustainable development have enabled numerous Saint Lucian residents to pursue their dreams.
Launched in March 2023, the MSME Loan Grant Facility was conceptualized by PM Philip J. Pierre himself and later launched by The Ministry of Commerce and Development of Saint Lucia.
The facility’s primary objective is to assist micro and small businesses in Saint Lucia, and Philip J. Pierre, the Prime Minister of Saint Lucia and Cabinet Minister, is working tirelessly to help beginners and small companies grow, allowing them to make a significant contribution to the country’s economy and increase the country’s wealth.
The government can use the increased wealth for further developments and to launch more programmes aimed at helping the citizens of Saint Lucia in every aspect.
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 aims to support small entrepreneurs in Saint Lucia aged 30-60 years to finance their MSMEs’ startup, operation, and expansion.
Under this scheme, the eligible applicants will receive a grant of 70% with a loan component of 30% at only 3% interest.
Following are the types of loan amounts the applicants will receive according to their business plans-
$10,000 for startups and new MSMEs
$20,000 for MSMEs active or working for almost a year
$25,000 for MSMEs active for more than years
The MSME Loan Grant Facility heralds a new era of entrepreneurial prosperity and economic empowerment for MSMEs in Saint Lucia.
The MSME Loan Grant Facility has brought a new era of entrepreneurial prosperity and economic empowerment for business starters and entrepreneurs, significantly contributing to the lifting of Saint Lucia’s economy.