There are lots of ways a hopeful business person can start a business. There are crowdfunding options, you can use an equity release calculator to see how much you can get from your home to put into your business, you can go into your overdraft, or you can look at loans and grants that the government may be offering.
A FRESH Start Programme of the Government of St Kitts and Nevis intended to provide Small to Medium Sized Enterprises startup and working capital is off to an excellent start. Reports from the Development Bank of St Kitts and Nevis indicates that since the September 04, 2015, launch, some twenty five loans have been approved in the amount of $1.5 million and another fifty eight loans are being processed to the value of $6.9 million, another two hundred and seventeen applications are awaiting interview as of October 06, 2015.
To date, three hundred persons have applied, and eighty three interviews were completed for loans totaling $8.4 million. Applicants have applied for loans to set up professional practice, purchase vehicle, purchase stock, set up restaurants and café’s, establish trucking business (hopefully they will opt for improved software like the ones provided by Tenstreet for their business), purchase tools and equipment, establish music academy, repair fishing vessels, purchase equipment for cleaning business, equipment for hairdressing salons, etc.
“This is an excellent response to the fulfillment of another of our Manifesto commitments to provide support to small and medium sized businesses in St Kitts and Nevis”, Dr Harris said.
“We want our local people to do well and to receive proper support for their businesses to consolidate, grow and expand”.
The FRESH Start Programme was inaugurated through loan financing from PDVSA St Kitts Ltd (PETROCARIBE) to assist in reducing poverty in the Federation of St Kitts and Nevis through entrepreneurship.