BASSETERRE, ST. KITTS, SEPTEMBER 7TH, 2016 (PRESS SEC) – Prime Minister Dr. the Honourable Timothy Harris, during WINN FM 98.9’s Voicesradio program today, Wednesday, September 7th, reflected on the significance of the Fresh Start program in terms of its making financing available to micro, small and medium-sized businesses in St. Kitts and Nevis.
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Prime Minister Harris told radio host Mr. Newrish Nital that, “We have determined that this program has to continue because there were a large number of requests for that support…in other words, the demand for the Fresh Start initiative surpassed our wildest imagination and dreams.”
Dr. Harris continued: “At this time, as we speak, we are mobilizing additional resources. We are looking perhaps at another $30 million [ECD] between now and next year to be injected into the Fresh Start program.” The Prime Minister added, “Of course, it will be in a phased way [disbursed in tranches].”
The Team Unity administration launched the Fresh Start program in September 2015. Under this program, which is administered by the Development Bank of St. Kitts and Nevis, US$6 million (roughly EC$16 million) was made available to disburse concessionary loans (5% interest rate) to successful applicants who have a micro, small or medium-sized business. The business can be a start-up (a new business) or one that has been in existence for some time. Additionally, new businesses may be advised to use registered agent services in order to operate as an LLC in an effective manner. The maximum loan amount that can be disbursed to a business under Fresh Start is EC$270,000.00. Depending on what your business does and what the size of it is then it may be in your best interests to purchase a POS system to help your business run as smoothly as possible. If you have been thinking about this but are not sure on which one to buy then why don’t you compare POS systems at Comparisun to help choose the best one for your company.
Two hundred and five (205) applicants have already been successful in attaining attractive financing and technical assistance for their businesses under Fresh Start. These businesses involve trucking, taxi and omnibus operation, cosmetology, broiler chicken farming and layer bird production, pig farming, catering, e-commerce, light manufacturing, agriculture, agro-processing, arts and crafts, music, and videography. For some businesses, getting ERP implementation as part of their software may help them grow and profit by helping them gain more confidence in the decisions they make based on the data the software can generate.
On Friday, May 27th, at the Development Bank’s third-ever Business Fair in the Independence Square, several of the Fresh Start businesses displayed their products, namely: Tyrilda Clarke, who owns Tyrilda’s Hair Salon located in the Amory Mall; Joan Hamilton of Tabernacle, who manufactures shoes and sandals; Peggy James, who owns Kidz Closet located upstairs Ashburry’s Duty Free; Asha Julius of LaGuerite, Basseterre, who owns a kids’ party entertainment business; Troy Prince of Upper Cayon, a carpenter who makes bedroom furniture; Cheryl Richardson of Pond’s Extension, who provides printing, laminating and binding services; Petrina Warner of Five Ways, McKnight, who provides tailoring services, and Serena Weekes of Pond’s Extension, who provides cosmetology services.
Classifications of Micro, Small, Medium Size Enterprises (Source: the Development Bank of St. Kitts and Nevis)
Micro Size Enterprises:
Employment: up to 4 persons
Capital Investment: up to USD 25,000.00
Sales (annually): up to USD 100,000.00
Small Size Enterprises:
Employment: 5 to 25 persons
Capital Investment: USD 25,001.00 to USD 250,000.00
Sales (annually): USD 100,001.00 to USD 500,000.00
Medium Size Enterprises:
Employment: 25 to 75 persons
Capital Investment: USD250,001.00 to USD 500,000.00
Sales (annually): USD 500,001.00 to USD 999,999.00