Chief Minister DrOrlando Smith has promised the establishment of a small business guarantee to further stimulate the creation of independent small commercial enterprises in the Territory.

The Chief Minister made the comment during his third annual State of the Territory Address at the Central Administration Complex. 

The Chief Minister said the guarantee will be designed to solve a problem faced by many would-be entrepreneurs who find that, if they do not have collateral, they cannot get the bank loans they need.

“With the Small Business Guarantee, any BVIslander who has a reasonable plan for starting a business will be able to secure a loan with Government backing,” the Chief Minister said.

“This Guarantee is being created in consultation with the local banks who have been most supportive. And it is a strong expression of our shared confidence that with the right tools and the right conditions, BVIslanders can build successful enterprises and in doing so, help drive our economy forward," the Chief Minister said.

The promise made by the Chief Minister to establish the guarantee is in keeping with the Government’s commitment in its Legislative Agenda to create opportunities for small business development in the Territory.