GOVERNMENT LAUNCHES SMALL BUSINESS GRANT RELIEF PROGRAMME
Written by Fuze Team on July 22, 2020
Government has announced the Small Business Sector Grant Relief Programme that was established for the purpose of assisting Micro, Small, and Medium Enterprise (MSME) Businesses affected by the COVID-19 pandemic, in meeting their operational expenditure, while stimulating economic activity by facilitating the circulation of money within the Territory.
Junior Minister for Trade and Economic Development, Shereen Flax Charles in a statement on Tuesday, July 21st said that on 17th June, 2020, Cabinet approved the Small Business Sector Grant Programme in the amount of six million, five hundred thousand dollars ($6,500,000.00), which is funded through a grant from the BVI Social Security Board.
Flax Charles said that the Micro, Small and Medium Enterprises (MSMEs) comprise over 90 percent (about 3,600 businesses) of all businesses operating in the Territory.
From the various administrative records and survey results, it has become evident within the past few months, with extended periods of low or no revenue due to the impact of the COVID-19 pandemic, small businesses became more vulnerable to prolonged economic shocks.
Hon. Shereen Flax Charles
The Junior Minister said that in response, the Government included as part of its Economic Response Plan (Phase II) released on 28th May, 2020, funds to assist small businesses to help curb the impact.
Flax Charles said these funds were allocated to assist businesses in meeting their operational expenditure, while stimulating economic activity by facilitating the circulation of money within the Territory.
She said that Cabinet has established a policy which will develop the policy guidelines, along with developing the appropriate application mechanism through which the grant programme will be administered and effectively managed.
The Minister said that with the policy guidelines in pace to ensure transparency and accountability, we are encouraging those businesses that may qualify to complete the online application form available on the Government’s Website and submit electronically.
Flax Charles said that provisions will also be made through the Department of Trade Investment Promotion & Consumer Affairs to assist applicants who may have difficulty completing an electronic application form or do not have access to a computer or the Internet.
