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The recent surge in establishments and expansion of new and traditional small businesses are positively impacting the economy of St.Kitts-Nevis. Small businesses help bring growth to the economy of any country and are a huge part of any society. They are growing all over the world as companies like Iruka Capital look to provide them with loans to allow them through their infancy phase and earn money. These loans help businesses pay for buildings, equipment, and staff to give both the business and the economy a boost. The federation continues to lead the ECCU with the strongest economy in the region. This is no doubt due to the unprecedented growth in the Small to Medium-Sized Business Sector.
The Team UNITY government’s Fresh Start Small to Medium Sized Business Loan Programme has been the catalyst for phenomenal growth since 2015. Some 500 plus loans were granted under the Fresh Start Loan Programme over its two phases. This resulted in the largest ever recorded number of New Small Businesses in the history of the federation. This also revived the Small to Medium Sized Business sector which had been essentially dormant for near decades. Perhaps if insurance companies can step in to offer coverage like (key person life insurance or any others) to vital players in business like the owners, executives, and high performing employees (all of whom without which the company can’t operate) then that too might provide additional stability to the business in the absence of any of these crucial elements. Thereby ensuring the continued state of growth for all businesses.
Some of the plethora of Small to Medium-Sized Businesses that have popped up in recent times includes Sugaz Fun World, OMG Desserts, the Meat Centre, Grandson’s Trucking, Railway Bar and Entertainment Complex, Uncle Fats Sports Bar and Grill, Best Choice Auto SKN, Joan’s Leather Craft, Krave Restaurant and Bistro, Top Class A/C Installation, The House of Beauty Parlour, and the One-Stop Party Spot & Weekends Bar, among others. Many of these businesses are bars and no doubt many of them will want to buy neon bar signs to make sure they stand out from their competition and attract new customers. There is a lot of competition in the hospitality sector and these businesses will have to have a tight strategy in order to last.
Larger businesses have expanded as well. The RAMS Group has expanded and now boasts two food courts which houses over 20 small restaurants as well as new supermarkets in Buckleys and Frigate Bay. The new Royal St.Kitts Plaza houses a plethora of new or expanded businesses including Tiranga Restaurant, Uncle Fats, Sweet and Savory and more.
The Small Business Boom has positively impacted the St.Kitts-Nevis economy. Prime Minister Dr. Timothy Harris revealed at a recent Press Conference that St.Kitts-Nevis projected Economic Growth for 2018 is 5%, the highest in the Caribbean region.