Prime Minister Dr Drew Lauds National Bank for Championing the Needs of Small Businesses Through Its New ‘Banking on Small Business’ Initiative

BASSETERRE, St. Kitts (SKNIS) – 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.

The financial institution’s new initiative was introduced during a ceremony held at the St. Kitts Marriott Resort on Wednesday, August 28, 2024. Members of the Federal Cabinet, officials from the Ministry of Small Business and Entrepreneurship, and the leadership and management staff of the National Bank attended the event.

Prime Minister Dr. Drew, in delivering featured remarks at Wednesday’s launch event, commented that the Banking on Small Business initiative helps to remove one of the most challenging hurdles for aspiring entrepreneurs—access to capital.

“One of the things that I know that hampers our people is access to start-up funds or seed money. People might have great ideas, the impetus, the will and the passion, but all of those things go nowhere unless you have some money to invest to make your ideas realities … that is why products like these and innovative approaches make sense,” said Prime Minister Dr Drew, who is also the Minister of Finance in the Federal Cabinet.

Moreover, the prime minister said this programme is about more than just providing funding. Rather, it is also about equipping the people with the tools they need to thrive.

Dr. Drew urged small business owners and new entrepreneurs across St. Kitts and Nevis to take full advantage of what National Bank is now offering. He said, “To our small business owners, those with innovative ideas, and especially our young people with dreams that seem out of reach—this is your moment! The Banking on Small Business initiative is here to help turn your ideas into viable enterprises. Don’t let your dreams remain dreams. Seek out this initiative, work with the experts at 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 financial instrument designed to help entrepreneurs and new business owners with businesses operating for 0-3 years. This loan is designed to cover the initial costs of launching a business. With interest rates starting as low as 7.5 per cent, it can be used to finance a range of start-up expenses, including equipment purchases, leasehold improvements, inventory, working capital, and other business-related costs.

The second product is the Business Flex Loan which offers flexible financing options for existing businesses looking to expand, make leasehold improvements, purchase equipment, or address other business-related needs.

To learn more, persons are encouraged to call or visit a National Bank branch or visit the website https://www.sknanb.com/sme-hub/.