P1/Strat. No.1: Incentivizing the Commercial Banking Sector to Lend to Medium, Small, and Micro Enterprises.

Wave

Objective

Intervention

Target Audience

Guidelines and Criteria 

Implementing Agency

Estimated Cost

Overall Beneficiary

  1. Ensure the solvency of otherwise viable MSMEs, 

  2. Enhance the resiliency of MSMEs, and 

  3. Sustain and eventually improve upon the level of employment

Commercial banks receive a 50% waiver of Corporate Income Tax related to earnings

from MSME lending

Micro and Small enterprises as per Micro and Small Scale. Business Enterprises Cap 13.19 and other targeted businesses

Commercial banks must indicate a willingness to participate in the initiative. Only interest income on MSME lending will be waived under the initiative

Inland Revenue Department (IRD)

$3.5 Million

Households and the business community

Status Update

On-Going

Source: Saint Lucia Development Bank (SLDB)