Deputy Premier Applauds Virgin Islands MSMEs and Banks Following Successful Business Banking Expo

Deputy Premier and Minister for Financial Services, Labour, and Trade, Honourable Lorna Smith, OBE, has commended the Micro, Small and Medium-Sized Enterprise (MSME) sector alongside local banks in the Virgin Islands for their active participation in the recent Business Banking Expo. Organised by the Ministry of Financial Services, Labour and Trade in collaboration with the BVI Bank Association, the Expo aimed to foster closer ties between the business and banking communities.

Featuring presentations from key figures including the Premier and Deputy Premier of the Virgin Islands, the event also saw contributions from representatives of the Financial Services Commission, the BVI Chamber of Commerce, and the Department of Trade and Investment Promotion and Consumer Affairs.

The Expo served as a platform to explore new avenues for collaboration with the shared objective of creating a supportive environment for MSMEs. Central to discussions was the banking sector’s commitment to enhancing customer education, aimed at raising awareness of banking products and simplifying client interactions.

Deputy Premier Smith emphasised the importance of strengthening relationships between businesses and banks, particularly in navigating financial procedures and accessing crucial funding for growth and sustainability. She expressed satisfaction with the Expo’s turnout and pledged ongoing collaboration between her Ministry, banks, and the business community to translate ideas discussed into actionable initiatives.

Continuing her engagement with the BVI Bank Association post-conference, Deputy Premier Smith highlighted efforts to enhance financial literacy among entrepreneurs and promote greater understanding of available financing opportunities.

Proposed initiatives from the event included town hall meetings, educational sessions, specialised loan programmes, community outreach, and tailored training for small business clients. Deputy Premier Smith lauded these initiatives as practical solutions that align with her Ministry’s commitment to bolstering MSME support, including the forthcoming MSME grant assistance programme.

Participants unanimously agreed on the success of the Expo and endorsed its continuation as an annual event, underscoring its role in fostering ongoing dialogue and collaboration between the sectors vital to the territory’s economic growth.