Beautiful Virgin Islands

Thursday, Feb 22, 2024

Impediments preventing small businesses from surviving

Impediments preventing small businesses from surviving

Chairman of the Progressive Virgin Islands Movement (PVIM), Ronnie Skelton, has complained about some of the struggles he said are facing small businesses in the BVI.
When asked recently about steps he would take to help small businesses succeed once he is elected, Skelton commented that there are already systems in place right now in the Department of Trade. He suggested was allocated for some small businesses.

“Along with funding for small businesses, they also need to understand the administrative side of small businesses,” Skelton said on a PVIM radio show last evening, March 22.

Skelton said he grew up at a time when small businesses were the backbone of the economy and residents depended on those businesses to survive.

“And so, we cannot run a country like this without trying to create more small businesses. But there are some impediments for small businesses to survive now,” Skelton argued.

Skelton did not detail those impediments to the growth of small businesses, but he argued that if small businesses are not set up in a legal way, then it brings all the liability back to the small business owner.

As a result, he said there need to be systems put in place to protect small-business owners from destroying themselves while trying to get their small businesses to survive in the current economy.

Skelton has been consistently credited for his shrewd management of the territory’s finances while serving briefly as Finance Minister within the National Democratic Party (NDP) administration years ago.
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