Hon Smith Urges Banks to Fulfill Promises
During the second MSME Grant Distribution Ceremony, Hon Smith called on banking institutions to honor their commitments to support the local MSME sector. She highlighted the potential of angel financing and the critical role of community support in fostering the growth of small businesses in the BVI.
In a passionate appeal made at the second MSME Grant Distribution Ceremony on Friday, August 29, 2025, Junior Minister Hon Smith called on banks and financial institutions to make good on their promises to support the Micro, Small, and Medium Enterprises (MSME) sector in the British Virgin Islands.
The ceremony, hosted by the Department of Trade, Investment Promotion, and Consumer Affairs, served as a platform for Hon Smith to emphasize the critical need for financial backing to local small businesses. Referencing the Virgin Islands Business Banking Expo held in June 2024, Hon Smith reminded those in attendance of the promises made by banks to foster a supportive environment for business growth. 'They hosted a bank expo last year, and at the end of it, [during] the testimonials, they made a number of promises,' she stated, underscoring the importance of accountability in these commitments.
Furthermore, Hon Smith expanded her appeal beyond banking institutions, urging community stakeholders, including Unite BVI and wealthy individuals, to consider angel financing as a viable support mechanism for the MSME sector. Angel financing, which involves high net worth individuals providing capital to small businesses in exchange for equity, was highlighted as an area ripe for development and capable of offering substantial returns on investment.
The call to action by Hon Smith not only stresses the importance of financial support from banks but also highlights the broader community's role in nurturing an ecosystem conducive to the growth and sustainability of small businesses. Such collaborative efforts are seen as essential for the continued development and diversification of the BVI's economy.
With MSMEs playing a crucial role in job creation and innovation within the territory, the support from both financial institutions and private investors through models like angel financing could mark a significant turning point in realizing the full potential of the sector. As the BVI continues to navigate its economic recovery and development, the emphasis on strengthening the MSME sector underscores a strategic approach to building a resilient and diversified economy.
Hon Smith's appeal thus serves as a reminder of the commitments made and the collective responsibility of the banking sector, private investors, and the wider community in supporting the backbone of the BVI's economy - its small businesses.
Primary source: VINO