The Government of St Vincent and the Grenadines is incubating businesses that use technology. So says Minister of Minister of Economic Planning, Sustainable Development, Industry, Information and Labour , Camilo Gonsalves.
Gonsalves, speaking at a Town Hall meeting in Toronto, said that the Government has signed off on almost 2 million dollars in grants to about 16 businesses.
Gonsalves told Vincentians in Canada that each business got 6 figure grants that want to use technology.
The Foreign Affairs Minister said that most of these businesses could not afford the startup cost.
He said they were in no position to go to the bank for loans, nor to purchase equipment, such as computers, cameras and other associated technology necessary to grow their businesses.
“The Government is giving them that money”, Gonsalves said, “because if they borrowed it, even if they found a bank that would be willing to lend them without necessary collateral, just the act of them paying back that loan would be difficult for them to keep their head above water.“
In exchange for the grant money, Gonsalves said that these young entrepreneurs also had to take classes in bookkeeping and management for their business.
By Ernesto Cooke