The 2024 Unite BVI KickStart BVI Small Business Loan Programme launched in July 2024 and continues development with an exciting and successful evening of mentoring.
On Friday October 11th, 2024 at Seven at the Pier 23 small business applicants had an opportunity to provide a one-minute elevator pitch aimed at selling their business to perspective mentors in attendance. At the end of the evening a wide selection of professionals ranging various industries chose the applicant to be their mentors, providing them with resources and guidance over the next step of their application process, submission of a full Business Plan and Financial Forecast.
Mr. Sinclair Flemming CEO of P3 in the Virgin Islands provided an impactful presentation encouraging the programme applicants to take full advantage of the mentors made available to them.
The flagship programme, which is designed to provide financial support and resources to BVI-based entrepreneurs, also aims to stimulate economic growth and development in the British Virgin Islands (BVI) by offering zero-interest loans, free training, mentorship, and networking opportunities.
The initial application process stated a few basic criteria’s including verification of a training certificate, business must have a valid trade license or be eligible for one and a component to the business plan should be environmentally or socially conscious. Finally, applicants that demonstrated a “Force for Good” benefit to the community or environment would be considered highest amongst the 29 applications received. Loans of up to $5,000 with a two-year repayment period would not require a down payment or collateral.
Unite BVI partnered with VP Bank 6 years ago to initiate this flagship programme and continues to expand collaborations with HIRE BVI, IGNITE, and the Branson Centre of Entrepreneurship Jamaica to provide free training to participants. Additionally, the organization is working with the Ministry of Financial Services, Labour, and Trade to develop a robust mentorship and business development programme.
Kim Takeuchi, Unite BVI Foundation Manager in recapping the event said, “Unite BVI is excited to bring together BVI entrepreneurs to develop a vibrant entrepreneurial culture that’s acts as a force for social, environmental and economic benefit.” The program relies on the integrity of loan recipients to repay their loans, as the funding pool is limited and future entrepreneurs depend on these repayments. By repaying their loans, recipients can contribute to the program’s sustainability and support other entrepreneurs in the future. We are pleased to report that this is the 3rd Kickstart BVI loan cohort that Unite BVI has been able to run.
Former Deputy Premier and Minister for Financial Services, Labour and Trade, Hon. Lorna Smith, OBE who was in attendance and gave remarks stated how proud she was to be partnering with Unite BVI in this initiative. As the then minister responsible for Labour and Trade, Smith vowed her continued support in ensuring the continued development of small businesses.
Mr. Derrick Ambrose return applicant also shared a testimonial as to how the loan assisted him in moving his business forward, he encouraged the applicants to repay their loans. He referenced himself as an example of successfully repaying his loan, which afforded him the opportunity to reapply for a second loan. A total of14 applicants were present along with 20 Mentors. Throughout the evening applicants and mentors were seen engaging, networking and receiving well need support.
Over the next few weeks all submissions received will undergo a review, a scoring process and then recommendations will be made for loan disbursement in early December.
Unite BVI works to bring together people, ideas, and resources to foster sustainable positive impact.
For more information, please visit the Unite BVI website or write to: [email protected].
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