2018, access to finance was one of the top
five constraints to the investment climate in
Saint Lucia. that more areas will be added and most, if
not all, the sub-sectors within the services
sector will benefit.
For some time now, we have heard the pleas
of local entrepreneurs, especially the MSMEs,
as it relates to getting credit. I am indeed
heartened that their cries did not fall on deaf
ears and that 1 st National Bank has taken
the grandiose step to assist in meeting their
financing needs. Previously, operators in the manufacturing
sector were the sole beneficiaries of this
Act. For too long the services sector has
not enjoyed much relief from Government;
therefore, this piece of legislation addresses
this anomaly.
We are pleased that 1 st National Bank is a
visionary financial institution to dedicate a
unit to the MSMEs, whereby entrepreneurs
in that sector can access packages tailored
to their needs and risk level because, surely,
“one size does not fit all”. This is a timely
initiative and we are grateful for the support
of the German Savings Bank for International
Cooperation (SBFIC) for partnering with the
bank to bring this initiative to fruition.
I am certain stakeholders -- St. Lucia
Manufacturers’ Association, St. Lucia
Industrial and Small Business Association,
St. Lucia Coalition of Services Industries, to
name a few -- as well as existing and aspiring
entrepreneurs present this evening are eager
to learn how they can benefit from this
initiative and how the MSME Competency
Unit can impact their businesses and, by
extension, their lives and the country as a
whole.
Recognizing the important contribution
of MSMEs to the country’s gross domestic
product (GDP) and economic growth, my
Government is committed to implementing
polices that facilitate the growth and
expansion of this sector. We are always
happy when the private sector joins in these
efforts, as evidenced by today’s launching of
this dedicated Unit for MSME customers.
To reinforce our support to the MSME
sector, my Government is in the process
of finalizing an MSME Policy, one that will
be very robust and in line with CARICOM’s
MSME Policy for the region. Also, an
amendment has been made to the Fiscal
Incentives Act (No. 30 of 2019) to benefit
businesses, including MSMEs in four services
sub-sectors, namely Creative Industries,
ICT, Professional Services, and Spa and
Wellness. Going forward, it is envisaged
www.slyoumag.com | February - April 2020
The MSME Competency Unit is expected
to have a ripple effect on our economy
as MSMEs take advantage of this unique
opportunity. The onus also lies on YOU,
the entrepreneurs, to acquire proper
management and financial literacy skills to
run your business efficiently and effectively.
My Ministry offers a myriad of services to
equip you and assist in formalizing your
business (e.g. Registration of Business Name,
Record Keeping, Business Plan and Design
Thinking for Business Workshops, to name
a few). These services are free or offered at
a minimal cost, so I encourage you to take
advantage of these services. We live in a
dynamic world where change is constant;
you can never have too much knowledge, so
educate yourselves and take charge of your
businesses.
The Ministry has collaborated with
1 st National Bank on several initiatives in
the past, including the Ministry’s annual
Finance Symposium. We welcome partners/
stakeholders in assisting with the growth and
development of the MSME sector in Saint
Lucia. This Unit will provide new options for
MSMEs and spur an increase in economic
activity among the MSMEs and the entire
country. This new initiative has the full
support of my Ministry and, by extension, the
Government of Saint Lucia.
In closing, the Ministry wishes to thank
1 st National Bank for its continuous efforts
to create a positive impact on the MSME
sector in St. Lucia and provide this great
opportunity to assist with the growth
and development of MSMEs. The Ministry
wishes you success in this venture and
future endeavours. We look forward to
collaborations on projects that will enhance
the business climate in St Lucia.
Once again, congratulations!
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