High Expectations for SME Sector

(ZIZ News) – Prime Minister and Minister of Finance, Dr. Hon. Timothy Harris has high expectations for the Small and Medium Enterprise (SME) sector.

In his 2016 New Year’s Day address, he said there would be stimulation of activity and expansion which will be primarily driven by the “Fresh Start” loan programme recently launched by the Development Bank of St. Kitts and Nevis.

“The public’s response to these small business loan funds – for business start-up and expansion – was overwhelming, as is evident from the fact that the programme was oversubscribed within a relatively short period of time,” he said, adding “this says to us that the SME sector has confidence in the current economic and investment climate under the new Team UNITY administration”.

Dr. Harris said because there would be many spin off effects, his administration is committed to finding additional resources for the programme.

“Spin-offs to be expected from the utilization of these loan funds include job creation, increase in the number of entrepreneurs operating in the economic space, expansion in the local services and general trading sectors, and a widening of the tax base as these SME beneficiaries generate sales and pay their fair share of business taxes applicable to their levels of operations,” the Prime Minister explained.