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Basseterre, Saint Kitts – Prime Minister, the Honourable Dr. Terrance Drew, congratulated the St. Kitts-Nevis-Anguilla National Bank on the launch of its new programme, “Banking on Small Business”, which is designed to support the growth and development of small businesses and aspiring entrepreneurs within the Federation.
Prime Minister, Honorable Dr. Terrance Drew.The financial institution’s new initiative was unveiled during a ceremony held at the St. Kitts Marriott Resort on Wednesday, August 28, 2024. The event was attended by members of the Federal Cabinet, officials from the Ministry of Small Business and Entrepreneurship, and the leadership and management staff of the National Bank.
Delivering a keynote address at Wednesday’s launch event, Prime Minister Dr Drew said the Banking on Small Business initiative helps remove one of the most challenging obstacles for aspiring entrepreneurs – access to capital.
“One of the barriers that I know is preventing our people from accessing seed funding or initial capital. People can have great ideas, the drive, the will and the passion, but all of those things are worthless unless you have the money to invest and make the ideas a reality… and that’s why products like these and innovative approaches make sense,” said Prime Minister Dr Drew, who is also Minister for Finance in the Federal Cabinet.
The Prime Minister further stated that this programme is not limited to providing funding, but also aims to equip people with the tools they need to thrive.
Dr. Drew urged small business owners and new entrepreneurs in St. Kitts and Nevis to make the most of what the National Bank currently has to offer. He said: “To our small business owners, those with innovative ideas, and especially our youth with dreams that seem unattainable – this is your time! The Banking on Small Business initiative is here to help turn your ideas into viable businesses. Don’t let your dreams remain dreams. Look out for this initiative, work with the experts at the National Bank, and let’s make those dreams a reality.”
The Banking on Small Business initiative offers two main products. The first is the Business Start-Up Loan, which is primarily a small business financing instrument designed to assist entrepreneurs and new business owners with businesses operating for 0 to 3 years. This loan is designed to cover the initial costs of launching a business. With interest rates starting at 7.5 percent, it can be used to fund a variety of startup expenses including equipment purchases, leasehold improvements, inventory, working capital, and other business-related costs.
The second product is the Flexible Business Loan which offers flexible financing options for existing businesses looking to expand, make lease improvements, purchase equipment or address other business-related needs.
For more information, people are encouraged to call or visit a branch of Banco Nacional, or visit the website. https://www.sknanb.com/sme-hub/.
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