Saint Lucia launches MSME Loan-Grant Facility, Ernest Hilaire shares glimpses

Castries, Saint Lucia: The Ministry of Commerce of Saint Lucia launched the MSME Loan-Grant Facility at the Finance Administrative Center on Thursday. Deputy Prime Minister Ernest Hilaire shared glimpses of the launch ceremony and stated that they are investing in the people.

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.”

This facility will provide 70% grants and 30% loans to small businesses to help them build capacity. 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.

Prime Minister of Saint Lucia- Philip J Pierre also expressed pleasure in launching the Micro, Small and Medium Enterprises [MSMEs] Grant-Loan Facility with an injection of $10 million to enhance business development in this country.

Entrepreneurs will be able to apply for funding through a combination of a 70% grant and 30% concessionary loan, with a minimal interest rate of 3%.

“As I said recently at the launch of the Youth Economy Agency Saint Lucia, my administration aims to provide the framework that will allow our people to become creators of wealth in our country. We will continue to provide the opportunities and funding and ask that our entrepreneurs remain disciplined in their endeavours, “said the prime minister.

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.