PM approves MSME Loan grants in Saint Lucia

Philip J. Pierre, Prime Minister of Saint Lucia and other ministers approved the MSME Loan facility grants for the growth of a sustainable economy.

MSME Loan Grant Facility, Credits to Government of Saint Lucia Facebook Page.
MSME Loan Grant Facility, Credits to Government of Saint Lucia Facebook Page.

Saint Lucia: Philip J. Pierre, Prime Minister of Saint Lucia and other ministers approved the MSME Loan facility grants for the growth of a sustainable economy.

In this regard, the government started providing the grants in March 2023. The country’s ministry of commerce and the development Bank introduced the MSME Loan Grant Facility.

Through this, the access opened for the business startup was the finance of $10 million. This aims at facilitating 450 new MSMEs based on Saint Lucia.

From which, 180 MSMEs have got the approval by this month (October). The amount of $1.9 million has been approved for this.

The guarantee to the successful applicants for the 70% grant of loan with 30% of its components on just 3% of interest is promised.

The value to be granted is categorized on the basis of work and duration which is as follows:

  • For startups and new MSMEs – $10,000
  • For MSMEs which are already in operation for less than 2 years – $ 20,000
  • For MSMEs in operation for more than 2 years – $25,000

This facility aims at entrepreneurial prosperity. This even leads towards economic empowerment for the facility in Saint Lucia.

The economical development of the region makes the country stronger. This facility will help in strengthening the country’s position by economic means.

Moreover, the grants will also help in escalating overall economical conditions as compared to the part year.

The previous year, the recorded economic growth was by 71% and the growth the country has witnessed in the first quarter of this year is by 11.5%.

Through the MSME Loan Grant Facility, more growth can be assumed as these will help small businesses to grow and generate profits.

Generally, the economy of the small island is dependent on tourism. But the sectors like transportation and real estate also have a role in economic development.

The positive action by the government towards the growth of the country will help in the overall development.