Fostering Economic Empowerment and Wealth Creation

26/10/2023

By OPM

Prime Minister Hon. Philip J. Pierre and the Cabinet of Ministers are strengthening the foundation for sustained economic growth and wealth creation in Saint Lucia. The Government of Saint Lucia has successfully partnered with the Caribbean Development Bank to secure funding for the aspirations of our nation's youth and future business leaders.

In March 2023, the Ministry of Commerce and the Saint Lucia Development Bank officially launched the MSME Loan Grant Facility. The MSME Loan Grant Facility opens up access to $10 million to finance the startup, operations and expansion of more than 450 Saint Lucian-based MSMEs.

By October 2023, 180 MSMEs received approval. The MSME Loan Grant Facility has paid out $1.9 million to the approved MSMEs.

Successful applicants are guaranteed a grant of 70% with a loan component of 30% at only 3% interest.

$10,000 for startups and new MSMEs
$20,000 for MSMEs in operation for less than two years
$25,000 for MSMEs operating for more than two years

Prime Minister Pierre tabled legislation establishing the Youth Economy Agency (YEA) in July 2022. The YEA officially launched in March 2023 and subsequently began accepting grant applications. The YEA moved into its new offices in April 2023.

Since March, the YEA has disbursed $1.3 million to 275 recipients and has funded 189 projects.

The MSME Loan Grant Facility and the YEA herald a new era of entrepreneurial prosperity and economic empowerment for MSMEs in Saint Lucia.

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