The Virgin Islands Cabinet has approved revisions to the Micro, Small and Medium Enterprises (MSME) Grant Programme Policy and Administration Guide, increasing support for start-ups and raising Business Continuity grants from $10,000 to $20,000.
The updated policy, agreed on July 30, also expands eligibility criteria and authorises the Ministry of Financial Services, Economic Development and Digital Transformation to pursue partnerships with local, regional, and international agencies to supplement the grant pool and enhance training opportunities. Any agreements reached will require further Cabinet approval.
The policy changes come as the Department of Trade, Investment Promotion and Consumer Affairs hosted its second MSME Grant Distribution Ceremony, awarding grants to a diverse group of entrepreneurs. Officials said this year’s recipients reflect the diversification of the territory’s business community and demonstrate the support available for small businesses through the programme.
