Castries, Saint Lucia: Deputy Prime Minister of Saint Lucia- Ernest Hilaire announced that the Ministry of Commerce launched the MSME Loan-Grant Facility at the Finance Administrative Center on Thursday. This facility will provide 70% grants and 30% loans to small businesses to help them build capacity.
While taking to Facebook, Ernest Hilaire added, “We are investing in our people. They are the lifeline of our economy, and we must provide them with the necessary tools and resources to develop and succeed.”
Ernest Hilaire added that they need to have faith in the people that they will succeed; they are a talented nation with the potential to compete on the world stage.
“Let us believe in one another and invest in our people for the development of themselves and our economy and island as a whole,” Deputy Prime Minister Ernest Hilaire said.
READ HERE: Full criteria for applying for Micro, Small and Medium Enterprises [MSMEs] Grant-Loan Facility
Application forms will be available online from March 15, 2023, via the Commerce Ministry website: www.commerce.gov.lc.
- The form must be completed in duplicate (with the original signature) and submitted with a business plan that includes financial projections.
- Only one (1) application per person is permitted. (An individual or entity may only benefit from the Loan-Grant facility once.)
- Applicants must be Saint Lucian Nationals between the ages of 31 and 60. Supporting documents (invoices, health certificates etc.) must be provided.
- Applicants must undergo a credit check, relevant training and technical assistance and adhere to the program’s monitoring requirements if successful.
- MICRO ENTERPRISE: up to 5 employees, annual turnover not exceeding $100,000. Net assets don’t exceed $75,000.
- SMALL ENTERPRISE: 6-20 employees, annual turnover not exceeding $500,000. Net assets don’t exceed $200,000.
- MEDIUM ENTERPRISE: 21-50 employees, annual turnover not exceeding $1,000,000. Net assets don’t exceed $500,000.
- Prospective businesses – 10,000XCD Businesses in existence no more than two years – 20,000XCD
- Businesses in existence for over two years – 25,000XCD.
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