NEDD critical for small businesses as they are considered the engine of growth
(SKNIS): The National Entrepreneurial Development Division (NEDD) is critical as it deals with small businesses which are considered the engine of growth in the federation, says Minister of Trade and Industry, Honourable Lindsay Grant in his presentation on the 2017 Budget.
Minister Grant said that this year, 2016, under the small business development act of 2009, there have been 119 new applications submitted.
“What that means is that 119 new entrepreneurs are seeking out NEDD; they are seeking the support of this government because they see that something good is happening in the country and they want to get on board right now,” he said. “So, we have been pleased to be able to deal with those 119 new applications.”
The prospective small business areas include construction, small shops and information and technology. Both males and females have applied to NEDD.
The minister said that the NEDD’s support for small businesses is not only dealing with the applications and giving the necessary concessions, but is also involved in ensuring that the new entrepreneurs are provided with the services for helping them to prepare business plans and proposals, book keeping and other areas where in the ordinary scheme of things they would not get any help.
NEDD also supports a number of joint ventures in St. Kitts and Nevis, including the collaboration with the Junior Achievement of St. Kitts and Nevis to host their annual Junior Achievement Trade Fair.
The minister recognised the young entrepreneurs because in the future, they are the ones who are expected to “take up the mantle and drive new initiatives and drive new business opportunities in St. Kitts and Nevis. He added that it is therefore important that the government engages the young people to more productive opportunities.
NEDD has also collaborated with and held many workshops over the last 12 months.
“In fact, we partnered with the OAS to initiate the establishment of a small business development centre in the federation,” said Minister Grant. “To this end, August 22nd and 23rd of 2016, we held consultations with key stakeholders with a view of ensuring that in the first quarter of 2017 that we set up a small business development centre to ensure that we help young small entrepreneurs to be productive in St. Kitts and Nevis.”
The National Entrepreneurial Development Division (NEDD) is dedicated to serving the needs of micro, small, and medium-size businesses in St Kitts and Nevis. They help with the startup and development stages of small businesses.