British Virgin Islands

Friday, Sep 25, 2020

Finally, MSME Grants Greenlighted For 1,039 Businesses

Finally, MSME Grants Greenlighted For 1,039 Businesses

After months of waiting, some 1,039 micro, small and medium business enterprises have been given the green light to receive their much-needed stimulus cheques from the Hon. Andrew Fahie-led administration’s $6.5 million Small Business Sector Grant Programme.
During a symbolic ceremony to mark the initiative on Monday, September 14, 2020, Premier Andrew Fahie said the grants would vary in amounts from $1,592 to $7,955.

He mentioned that a total of 1,423 businesses applied for the grant aid and provided a breakdown of the assistance that will be given per district in totality.

He informed that a total of 68 businesses would be allocated a total sum of $399,290 in District One. In District Two, $598,140 will be channelled towards 102 businesses. In District Three, the sum of $548,825 will go towards 91 businesses and 280 businesses in District Four will be awarded $1,665,565 in all.

Meanwhile, in the Fifth District, 68 businesses were approved, and the collective sum of $404,063 will be distributed to 68 business entities.

In District Six, 113 businesses will benefit from $644,273 in grants. In District Seven, 59 businesses will get $354,748, in District Eight, 90 businesses will receive $518,600, and 169 businesses will benefit from a total of $1,005,384 as a collective in grants.

Payments to be given to beneficiaries

Commenting further, the Premier and Minister for Finance said payments in support of the businesses’ overheads, purchases, or debt repayments would be made directly to the beneficiaries.

“Where they would be required to sign a declaration that will ensure adherence to the terms and conditions as required for the use of the funds by providing evidence of same. This is important for accountability.”

The purpose of the grants is to help businesses get back on their feet and strengthen and stimulate the economy, he said.

Individuals who were approved for stimulus cheques have been asked to come forward and provide any missing banking and other information to make the process as seamless as possible.
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