Above: Basseterre (CJ Photo)
By the Caribbean Journal staff
Entrepreneurs in St Kitts and Nevis will be receiving support from a new source, thanks to a soon-to-launch programme by the St Kitts and Nevis Sugar Industry Diversification Foundation.
The Small Entrepreneur and Enterprise Development (SEED) initiative has been designed to help create “innovative, commercial ventures that have the potential to become profitable,” according to the office of Prime Minister Dr Denzil Douglas.
The fund has begun with about $1.85 million (EC $5 million), and will grant loans ranging from $1,850 to about $37,037 at a 0 percent interest rate.
The programme will be implemented in two phases — a development stage that will select entrepreneurs, who will then go through a three-week Business Boot Camp, and an incubation stage, by the end of which the entrepreneurs will be expected to run their businesses on their own.
The first phase will launch on Nov. 19.
All nationals with an “innovative business idea” are being invited to apply, according to the SIDF.
The programme aims to set up between 50 and 100 new businesses through repeat offerings in the twin-island federation.