It's going to take some time and paperwork as getting a loan guaranteed means getting involved with the government; and that means spending some extra time on the paperwork and the overall loan process. A government guaranteed loan will be more paper-intensive and take up to four or more weeks be approved.
All complaints should be submitted to the Director of Trade & Consumer Affairs.
Micro, Small & Medium size Enterprises
“Micro Enterprise” means any business where there shall be no more than 5 employees and the gross annual receipts should not exceed $25,000;
“Small Enterprise” means any business where there shall be no more than 10 employees and the gross annual receipts should not exceed $125,000;
“Medium Enterprise” means an already established enterprise where there shall be no more than 20 employees and the gross annual receipts should not exceed $200,000
Loans shall be granted at a preferential fixed interest rate of five percent (5%) for the first year. thereafter, Prime + one and three quarter percentage points, with a floor rate of five percent (5%)
The National Business Bureau is an entity within the Department of Trade and Consumer Affairs, which was established specifically for the development of the MSME sector.
In addition to the completed application form and cover letter outlining the business intent, everyone should submit one passport sized photo; British Virgin Islanders should submit a copy of their birth certificate, picture page and page 4 of their BVI passport; belongers’ or naturalized citizens should submit their belongers’ certificate/card or naturalization certificate; all other persons (non-belongers) should submit (i ) the picture page of their passport (ii) two character references, (iii) financial statement/bank reference, and (iv) police record.
The lender, in this case National Bank of the VI makes the final decision on approving or denying a loan.
All appeals should be submitted to the Permanent Secretary, Premier’s Office.