The Governor convened a Summit on 23 February 2012 of the heads of the retail banks operating in the Turks and Caicos Islands to discuss practical support for the small business community across the islands. The meeting was hosted by the Bankers Association of the TCI and was also attended by Lillian Misick, Chair of the Consultative Forum.
The Summit concluded that there is already considerable support available to small businesses and entrepreneurs in the TCI. This includes advice, training and support from the TCIG Small Business Unit and the strong determination of the retail banks to support and lend to sound small businesses. The Summit also concluded that there could be better coordination and mutual support between TCIG and the retail banks, working with the Banker’s Association.
The agreement to put in place a mechanism to enhance coordination between the TCIG Small Business Unit and the retail banks aims to provide active assistance to small businesses in preparing them to meet requirements for seeking financial support from local banking institutions. This new system will include specialist representatives of the Banker’s Association; officers from the TCIG Small Business Unit; and representatives from the Governor’s Office. The key objective of the mechanism is to provide practical support in the form of training, mentoring and advice to existing and prospective business people. By providing such additional support it is hoped to enhance the capabilities of the small business sector; improve the professionalism of their business planning and modelling; and, ultimately, make small enterprises across the TCI more attractive, credit worthy propositions for the banks.
The Summit agreed to meet again in June to assess progress and review the situation.
Speaking at the conclusion of the meeting the Governor said: “I felt it was important to issue this joint statement from the government and the banking industry to reassure small business operators and entrepreneurs considering entering the commercial world that there are sympathetic people in the local banking industry ready and willing to assist them in developing their businesses and achieving their goals.”
President of the Banker’s Association Anton Faessler added: “The banking industry welcomes the Governor’s initiative and is delighted to confirm that retail banking operations across the islands are able to offer a range of services specifically designed for small businesses and start-ups. These include tailored loans, lines of credit, business banking and financial advice. We welcome customers old and new to contact us to discuss their particular requirements in more detail.”
