lorna smith 6 editDeputy Premier and Minister for Financial Services, Labor and Trade, the Honorable Lorna Smith, OBE, invited the Micro, Small and Medium Sized Enterprise (MSME) sector and banks in the Virgin Islands to attend the Business Banking Expo held last month. Complimented.

To build stronger bridges between the business and banking communities, the Ministry of Financial Services, Labor and Trade organized the BVI Business Banking Expo in collaboration with the BVI Bank Association, which allowed all MSMEs to engage with their local banking professionals. Invited. Expo presenters included the Premier and Deputy Premier of the Virgin Islands, as well as representatives from the Financial Services Commission, BVI Bank Association, BVI Chamber of Commerce and the Department of Trade and Investment Promotion and Consumer Affairs.

The expo was designed to identify better ways of working together with all stakeholders, with the common goal of creating an enabling environment for our MSMEs, who are at the forefront. All present recognized the need to increase engagement, hence the banking sector’s decision to engage in more educational campaigns to increase consumer awareness of banking products and facilitate easy client navigation.

Deputy Premier Smith said: “We know the challenges our business community has with banking practices, in particular, creating strong business plans, growing their businesses, and finding a successful and sustainable path forward. with access to finance.To do this, it is crucial for our business community to develop strong relationships with banks and gain a deeper understanding of the services they provide Very pleased, and I will ensure that my ministry continues to work closely with banks and the business community to ensure that many of the ideas discussed at this forum are taken forward.”

Following the Banking Conference, the Deputy Premier engages with the BVI Bank Association to discuss further efforts to improve financial literacy among entrepreneurs and create awareness of financing opportunities.

Participating institutions have proposed initiatives to provide better education to consumers. such as town hall meetings, lunch and learn sessions, special loan offers, ongoing community outreach, as well as targeted training for their small business banking clients.

Deputy Premier Smith said: “I am delighted to see our local banks offering viable funding options. I am very excited about the opportunities this will bring to our MSMEs. The private sector offers Apart from the efforts of my Ministry to establish MSME Grant Assistance Program for completion.

All participating parties were pleased with the outcome of the event, and it was agreed that the BVI Business Banking Expo should become an annual event.

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