Government Tapping Sources Of Funding To Rebuild And Enhance Entertainment Sector In St Kitts And Nevis
Basseterre, St. Kitts, November 04, 2021 (SKNIS): Entertainers in St. Kitts and Nevis are receiving a helping hand from the government via access to financing options as authorities continue to ease restrictions implemented last year to slow the spread of the COVID-19 pandemic among the population.
The Honourable Akilah Byron Nisbett, Minister responsible for Health, ICT, Entertainment, Entrepreneurship and Talent Development, said that even before the pandemic, entertainers found it difficult to access capital from financial institutions and other lenders. As COVID-19 moves closer to an endemic, it has become even more important to find sources of financing as part of efforts to rebuild and enhance the entertainment sector.
“One of the ways we have done that already is by partnering with the Eastern Caribbean Partial Credit Guarantee Corporation, which will be able to provide guarantees for loans,” the minister stated on the November 02, 2021, edition of Leadership Matters.
Locals can apply for one of three areas. The Classic Guarantee provides a 10-year tenor guarantee for businesses over two years. Working Capital Guarantee covers five years for the tenor of guarantee for businesses over two years, while the Start-Up Guarantee covers 10 years for the tenor of guarantee for businesses three months to two years in existence.
Minister Byron-Nisbett further revealed that the ministry has also sought investment opportunities from interested parties.
“We are also in talks with a number of angel investors who have already started offering loans up to $30,000, which are completely interest-free,” she noted.
The minister said that the government would continue to explore avenues where persons within the creative industry can gain access to funding.