Creative Ways of Funding Your Business

Business Funding- Magnet

Saint Lucia is characterized by a youthful population. This means that thousands of young persons are entering the labour force yearly. As such, job opportunities for young persons are very limited and this has resulted in a youth unemployment rate of 38.4% in 2016. The answer to this crisis lies within entrepreneurship. Young persons are usually creative in their ways of thinking and solving problems. As such, this creativity can be used to create business opportunities for themselves as well as creating jobs for other young persons.

In order to start and operate a business, funding is essential. Securing financing, however, in this tough economic climate can be challenging due to the high risk levels involved in starting and operating a business. More importantly, entrepreneurs are required to have collateral in order to borrow. This, while proving to be problematic for potential young entrepreneurs should not be a deterrent.

Many successful business owners have started their business from scratch with little funding. For example, British business man- Chris Dawson has shown that selling goods from a suitcase can lead to big things, founding The Range (homeware) in 1988. His chain of discount stores made £88 million profit in 2014. Entrepreneurs are usually creative in nature and can come up with innovative ways of funding their ventures.

Young entrepreneurs will have great business ideas but because of lack of capital are discouraged to execute the plan. It is important to note that if the business idea is not comprehensive and well thought out, no amount of money will turn it into a success. Therefore, if an entrepreneur has a business idea but may have little money, that should not be a constraint to starting the business. This may require long days with little sleep. However, those who want it bad enough will make it happen.

The following are some tips on how to start your business with little funds:

Tell everyone about the business. Inform everyone that you know about your business including friends, family, business contacts and past colleagues. Call, send emails, attend free networking sessions also make the business known on social media. Friends and family can help you spread the word, and past colleagues can introduce your company to their professional contacts as well. This type of grass roots marketing can introduce your business to a much larger audience.

Get ready to work hard. When you are starting a business with little to no capital, you must be prepared to dedicate everything that you have into making the business a success. This involves cold calling, handling customer support, dealing with billing and accounting and other parts of the business. You may have to wear many hearts in order to start off the business.

Look for strategic investors. Strategic investors are the best type of investors you could find for your business because their interests align with your start up.  In assisting your business, there is some benefit to their business. For example, a hair dresser with a huge salon may give a nail technician some space to set up, either at a concessionary rate or free of charge. This is a way of marketing the hair salon to the clients of the nail technician and thus helping to expand the business.

Start at home.  Bill Gates successfully started his business in his garage. Depending on the line of business, a great way to save money is to run your business in a location that will not require you to pay extra rent. It will not look glamorous but will help you to get the job done without spending extra money.  In recent years, the Taiwanese government has been encouraging entrepreneurs to start businesses at home. This is a way of helping them decrease on their overheard costs which ensures the survival of the start-up business.

Start part- time. If you will need a steady income to meet your financial obligations, it is therefore advisable to start the business as a part time venture. Do not quit the job until the part time business has a steady flow of customers and profits.

Although it is true that generous funding, a team of investors, or family with deep pockets can make starting a business venture easier, not having money should not be a deterrent. If you are confident that you have a product or service people want, don’t allow the lack of money to dissuade you from your business goals. By pivoting, grinding it out, getting creative, and differentiating yourself, you can bootstrap your way to a successful business.

Compete Caribbean Phase Two: Gender Focus


In February 2017, Compete Caribbean will launch Phase Two of its program in direct response to the region’s inability to harness private sector as an engine of growth, as it is facing declining productivity and limits to growth of firms.

The first phase of Compete Caribbean addressed the objective of fostering private sector development and increasing competitiveness through different activities, which included institutional strengthening, legal and regulatory reform, technical assistance to innovative firms and groups of firms, and knowledge production and dissemination.

Phase One also produced previously unavailable data about the private sector. The rationale for a second phase comes from the opportunity to build on the results and lessons learned from the first phase by: (i) focusing on specific issues that affect firm’s productivity, growth and employment diagnosed under the first phase; and (ii) building the capacity of indigenous institutions to replicate in a sustainable manner the methodologies developed under the first phase.

Private sector development still represents a major developmental challenge for the region and it is against this background that Compete Caribbean will embark on a follow up program which will focus on closing the gender gap among other fundamental solutions to the region’s challenges.

Click the below links to find out more:







ProCom-LogoThrough the work of the NCPC, the Government of St. Lucia established the PROCOM Challenge. The Challenge, (grant-based) will be accepting applications from April 18th to May 27th, 2016 and  is poised to be a catalyst that specifically co-finances the private sector to implement solutions or initiatives that either enhances productivity and competitiveness within the Saint Lucian economy.

During the 2014/ 2015 budget address the Government of Saint Lucia committed EC$500,000 towards this Challenge.  Since then the NCPC, Compete Caribbean along with the Government collaborated on the design of the Challenge which will officially launch on Monday, April 18th, 2016.  As part of the process, consultations were held with the private and public sectors on the areas that the Challenge should target.


The PROCOM Challenge will run from April 18th to May 27th, 2016.

Download  PROCOM Challenge ManualPROCOM Challenge Brochure  to determine whether your business meets the eligibility requirements and whether the challenge can help you.

MSMEs are encouraged to visit the NCPC website and Facebook pages,  for regular updates on the PROCOM challenge or call 468-5571/468-5576 with any questions/queries.

If you meet the requirements and have an innovative idea which you believe can improve competitiveness and productivity in Saint Lucia, complete the PROCOM Challenge Application Form  and send us an  e-mail.



It was agreed, generally that projects focused on the following will be considered:

  • Delivery of methods and or technologies to reduce energy costs for businesses
  • Standard adherence and compliance solutions to meet domestic, regional and international needs
  • Development of new or the adaptation of current technology to reduce operational costs and improve efficiency
  • Projects or solutions to improve business processes for greater efficiency and productivity

Guidelines on which the Challenge will operate include:                                                                                       

  • Registered St. Lucian private sector company, (a Saint Lucian having 65% voting rights in the company).
  • The proposed Challenge will specifically deploy an indirect transmission mechanism, co-financing service providers.
  • The Challenge will provide co-financing of EC$100,000 or less.
  • The Challenge will fund capital goods and assets of up to 40% of the project cost, and
  • The Challenge has a hybrid grant disbursement mechanism mixing up front disbursement and results-based payments.

To access the Challenge applicants will need to demonstrate a level of commitment whether in cash or in kind. Capital accessed via the Challenge can be used for activities and items such as staff time costs, technical assistance, and capital goods required to design, pilot or implement a new service. The Challenge however cannot be used as working capital, as an investment on equipment not directly related or critical to the project or the purchase of real estate.

The establishment of the NCPC PROCOM Challenge is a large undertaking with the objective of enhancing both productivity and competitiveness in St. Lucia. The Challenge is one that will back positive ideas and innovation within the private sector, bringing with it a much needed productive impact on the country’s competitiveness climate.

Visit, or call 468-5571 or 468-5576 if you have any questions/queries reference the PROCOM Challenge.

Business Focus NCPC PROCOM Challenge-02


Government Officially Launches the Commercial Division of the High Court

The Eastern Caribbean Supreme Court, in collaboration with the Government of Saint Lucia through the National Competitiveness and Productivity Council hosted the Inauguration of the Commercial Division of the High Court at the Queen Elizabeth Port, La Place Carenage on Tuesday, January , 2016.

The establishment of the Commercial Division of the High Court was facilitated and coordinated by the National Competitiveness and Productivity Council (NCPC) on behalf of the Government of Saint Lucia.  The NCPC together with the Ministry of Legal Affairs partnered with the Eastern Caribbean Supreme Court for the successful establishment of the Commercial Division.

(Please see full text of the feature address from Hon Kenny D Anthony, Prime Minister and Minister of Finance)court-hammer_thumb



Today marks an important occasion in our history as we all gather here for the official inauguration of the Commercial Division of the High Court. This has been a much anticipated event for this Government since the announcement for the establishment of a Commercial Division was made approximately three years ago. The dedication and commitment that was exhibited in order to bring this initiative about is commendable. This division would not have existed without key partnerships and stakeholders working together. I would therefore like to take a moment to acknowledge two of these key partnerships.


First of all, I must thank the Eastern Caribbean Supreme Court (ECSC) for working with the Government of Saint Lucia to establish this Court. The ECSC was instrumental in providing the oversight, advice and direction for this initiative to ensure that the Commercial Division was established according to the standards that are expected across the region.


Secondly, I single out the partnership with Compete Caribbean. The Government has benefitted tremendously from its partnership with Compete Caribbean. Since 2012, after the signing of the grant agreement, Compete Caribbean has assisted the Government in the establishment of the National Competitiveness and Productivity Council (NCPC) with the mandate to enhance productivity and competitiveness. As part of that same technical assistance grant, it was agreed that the establishment of the Commercial Division would be coordinated through the newly formed NCPC on behalf of the Government of Saint Lucia.

Let me take the opportunity to thank Compete Caribbean for the continued support provided to Saint Lucia. I would also like to thank the hard working staff of the NCPC Secretariat.

From the partnership with Compete Caribbean, we had the support of a team of consultants led by Retired Justice Michael Gordon who lent invaluable assistance to the NCPC during the coordination of this project. Justice Gordon was instrumental in advising on the legal requirements to operationalize the Commercial Division of the High Court.


Some have doubted the potential benefits of the commercial Division of the High Court. I wish to emphasize that every part of the legal system is important and the Government is committed to providing resources to the various components of the legal system within the context of its resource constraints. Having said this, there are several reasons and benefits of having a Commercial Division of the High Court.

It is expected that a specialised Commercial Division will ease the burden on the Civil Division of the High Court and will result in quicker resolutions to commercial disputes. Hopefully, this will improve the efficiency of the judicial system.

There are certainly other benefits of a specialised commercial division.


One is increasing competitiveness of Saint Lucia. I define competitiveness as the key set of factors, institutions and activities that enable a country to offer services and products to sustain itself among its competitors and to earn a high level of income. Therefore, to increase competitiveness it is essential to establish critical institutions to provide support services to businesses and other sectors of the economy. It is expected that the Commercial Division will provide an important service to the private sector by facilitating quick and effective resolutions of business disputes.


Secondly, the legal system is important to entrepreneurs. A Commercial Court is necessary to interpret the rules of the business environment and protecting the rights of businessmen and women. An efficient and transparent court system encourages new business relationships and expansion because businesses know that they can rely on the court for redress, should legal proceedings become unavoidable.


Curiously, an unintended benefit of establishing this court may well be greater respect for contractual obligations among the citizens.

Thousands of contracts are entered into every day. Yet, there seems to be little understanding that contractual obligations are sacred. Ask any house owner about individual experiences with building contractors. A price is agreed upon to undertake a contract. When the time comes for payment, a the contractor may claim that he or she forgot to make allowances for all kinds of things and therefore requires compensation for thee unintended costs. Contractors invoke “fairness” as the original agreement is repudiated and disowned.

These experiences can be repeated in a whole range of transactions. This is not just a legal problem; it is also a cultural problem.


Overall, however, the establishment of this Court will enhance the business environment. The efficient operation of the Commercial Division of the Court speaks directly to the efficiency of the business environment and the enforcement of contractual obligations. As we all know, the efficient resolution of contractual and other commercial disputes is measured annually by the World Bank for incorporation in its Ease of Doing Business Report for 189 countries. For a number of years, this was one the worst performing indicators for Saint Lucia. Since the commissioning of the Commercial Division, we have seen improvement in this area.


The operations of a Commercial Division can increase investor confidence and attract foreign direct investment and business opportunities into the country to stimulate economic growth and development.

While it may seem that the business and legal sectors are separate, a weak commercial judicial system undermines the confidence of investors. The establishment of Commercial Courts encourages investors to make greater use of domestic courts to resolve disputes. Investors are attracted to Courts that are fair, transparent, efficient, and timely in resolving disputes.


The recent global economic downturn, accompanied by high financial uncertainty, has reinforced the need to establish efficient processes for commercial dispute resolution and the recovery of losses. Additionally, financial institutions are less willing to lend to the private sector in the absence of an efficient legal system to settle commercial matters. This has the potential to limit the funding available for business expansion and their participation in international trade. It is hoped that the financial institutions will gain confidence in the system, and thus result in greater access to credit, leading to the establishment of new business ventures and new markets.


In summary, I believe that this Court is expected to deliver the following:

  1. Building Expertise: Courts that consistently deal with business and commercial disputes develop expertise, experience and knowledge over time;
  2. Becoming more efficient: with time and experience, the Division will be able to perform judicial functions more rapidly and efficiently;
  3. Improve cost-effectiveness of the courts: the operations of the Division frees judicial resources for the civil courts;
  4. Provide stability and consistency in settling disputes regarding commercial cases; and
  5. Economic Development: as it provides the impetus for new business or investments in Saint Lucia as investors can be assured that the Commercial Division exists to resolve disputes.


Finally, it is critical that we constantly evaluate what we have established or created. We may think that we have identified a solution to our problem, but it may not mean that the intended solution brings the results that we expect. All kinds of reasons can explain this. The design may have been flawed. Unanticipated consequences occur. Enough resources may not have been provided. Leadership may have been weak. Those who manage the system exploit loopholes in the design and operation of the initiative. All of these are possible reasons.

It is crucial that we constantly evaluate what we create to determine whether the intended benefits are being realized. For example, several years ago, we took the bold step to establish a Criminal Division of the High Court. We established new procedures for trials in criminal cases. But has this initiative really worked? Are we delivering verdicts in criminal matters efficiently and in full accordance with our laws and Constitution? What explains the high number of remand cases for which some of our partners criticise us? Are we allowing defence counsel in criminal cases to exploit loopholes or weaknesses in design to frustrate the efficiency of the court?

My point is that we must constantly evaluate our initiatives, to determine whether we get the promised benefits and value for money.


Let me now conclude.

I am very happy to report and join the others by saying that this initiative has resulted in tremendous benefit not only for the Commercial Division but for the Civil Division as well. The Civil Division has a new home, alongside the Commercial Division. This is a good use of space, until such time as we construct a new Halls of Justice.

The fact that the two divisions are in the same location will bring about very important synergies and sharing of resources that can only lead to better efficiency in the courts.


I want also to take a moment to recognize SLASPA for making the space available and for agreeing to pay the costs of the retrofitting upfront on behalf of the Government, a cost that we must reimburse. However, this arrangement with SLASPA ensured that the project was done in an efficient and timely manner. We know that the Ministry of the Public Service’s engagement with SLASPA ensured that the new premises were up to the standards required.


In conclusion, I say hats off and congratulations to all the stakeholders involved (The Eastern Caribbean Supreme Court, all the Government Ministries and agencies, the National Competitiveness and Productivity Council and the team of consultants led by Retired Justice Michael Gordon).

To the new Judge of the Commercial Division, Justice St Rose-Albertini, your work has just began and we look forward to hearing great things in time to come.

NCPC Launch New Television Series- Productivity Matters


Screen Shots From Productivity Matters

The National Competitiveness and Productivity Council (NCPC) are pleased to announce the broadcast dates for their new television series ‘Productivity Matters’. The series, (which is funded by Compete Caribbean) gives insight into organisations and agencies within the private and public sectors, whose programs and initiatives focus on productivity and/or competitiveness.

The series which comprises of six episodes, made its debut in January 2016.

Marketing Analyst at the NCPC, Mrs Geraldine Bicette Joseph states, ‘There are many organisations out there that are doing great things in regards to helping develop the nation through productivity initiatives and we believe that it is only right for their efforts to be highlighted. Each episode within the series varies significantly from the other as we have looked at a range of individuals and subject matters including the construction industry, solid waste management, the public service, the Commercial Division of the High Court and young entrepreneurs’.

‘At the NCPC we also recognise that it is sometimes hard to grasp the concepts of productivity and competitiveness and so we hope that the series will illustrate how these concepts, when applied practically, bring about a positive outcome for the nation’.

Productivity Matters will be aired at the following times on the stations listed.

Ep 1- Productivity Awareness Week 2015 (Calabash- 7.50pm, DBS – 8pm, 11/1/16) (HTS 8pm 14/1/16)

Ep 2 – Employee Assistance Program (Calabash- 7.50pm, DBS – 8pm, 25/1/16) (HTS 8pm 28/1/16)

Ep 3 – Commercial Court (Calabash- 7.50pm, DBS – 8pm, 8/2/16) (HTS 8pm 11/2/16)

Ep 4 – Greening the Caribbean (Calabash- 7.50pm, DBS – 8pm, 22/2/16) (HTS 8pm 25/2/16)

Ep 5 – The Construction Industry (Calabash- 7.50pm, DBS – 8pm, 7/3/16) (HTS 8pm 10/3/16)

Ep 6 – Young Entrepreneurs (Calabash- 7.50pm, DBS – 8pm, 21/3/16) (HTS 8pm 24/3/16)


Ways in which Countries Improve their Level of Competitiveness

A key driver for sustaining national prosperity and improving the well-being of a country’s citizens lies within competitiveness. In order for a country’s exports to compete internationally, it must have the best infrastructure, human resources, health care, high quality goods and services etc. Competitiveness is an important principle in assessing the success of companies, industries and countries. Hence, increasing levels of competitiveness is essential to any economy as a country must perform well both in the domestic and international arena in order to survive.

The need for increasing competitiveness is even more critical as the Saint Lucian economy recovers from low growth rates. Thus, focusing on competitiveness will provide possible solutions to the record high level of unemployment, finding a path toward fiscal balance and rebuilding the crumbled social and economic pillars of the economy. The following are examples of countries that have implemented successful programs which have helped boost their levels of competitiveness:

Sweden: The Agency for Higher Vocational Education was formed in 2009 after it was observed that there were a few vocational programs in Sweden. Additionally, employers were in high demand for skilled workers which created a major barrier to economic growth. Both public and private organizations apply to this agency for funding vocational education.  Grants are given to those programs for which there is a high demand for professional qualifications.  A recent survey indicated that nine out of ten graduates of this program were employed or self-employed one year after completing their studies.

Chile: In an effort to remove the heavy reliance on traditional industries such as mining, Start-Up Chile was founded in 2010. The aim of this project is to transform the country into an innovation and entrepreneurship hub of Latin America. This project seeks to attract the best and brightest entrepreneurs and boost the number and quality of start-ups in the country. This program offers 100 spots in the program each year. Selected start-ups each receive one-year work visas, $40,000 and access to a community of more than 800 start-ups ready to work collaboratively. To date, more than 750 businesses and 1,500 entrepreneurs have come to the country under this program.

Finland: In 2009, VIGO- a venture accelerator program was launched. It was established in response to “the Finnish paradox”- that despite the fact that there was strong innovation and institutional capacity, the country had few start-ups.

The program brings together innovative but inexperienced start -ups with seasoned entrepreneurs. They form accelerator teams of three or four experts to coach up to ten companies in which they have invested their own money. Each start-up has access to government grants to pay the accelerator team for its services. Since the launch of this program, the accelerator teams have attracted a total of $200M in funding for 60 companies.

India: The Infrastructure Leasing & Financial Services was established to address the national skills gap by training young persons from rural areas in 16 strategic sectors. This program uses a public- private partnership model to work closely with a thousand partner companies and the state funded National Skills Development Corporation. It operates in different schools in 24 of India’s 28 states.

These schools follow an industry- recognized curriculum to ensure that students are ready for employment. Currently, 100,000 students have been trained, with 85 percent successfully employed.

Country competitiveness has become a central theme for both developed and developing nations. We are in the midst of an increasingly open and integrated world economy where countries compete for investment and human capital that are critical to their economic growth. Additionally, the development stage of a country depends on competitiveness. In order for Saint Lucia to graduate from the current low growth rates, specific strategies that focus on labour force, management, infrastructure, the business environment etc. need to be implemented to boost country competitiveness.Sweden's Agency For Higher Vocational Education has become a competitiveness success

Feedback on the NCPC Young Entrepreneurs’ Mixer

NCPC Logo- high resolutionThe National Competitiveness & Productivity Council continues its efforts in creating a mind-set change that promotes a more productive and competitive Saint Lucia. As such, as part of Productivity Awareness Week 2015 a Young Entrepreneurs’ Mixer was organised to present young and prospective entrepreneurs with an opportunity to network. The focus of this activity was for these young persons to make connections and obtain useful information to guide and advance their business efforts.

This event took place on Friday, October 16, 2015 where there were various short speeches on financial management tips, marketing for small businesses and developing business plans. The featured speech was entitled: “How to grow your money- the non-conventional approach”. In attendance were over fifty young and aspiring entrepreneurs. There was also a mingling session, where entrepreneurs got an opportunity to meet with mentors and other possible business partners.

One of the entrepreneurs in attendance was Mr. Johanan Dujon, who provided his feedback on the activity:

The NCPC Business Mixer gave me the chance to rub shoulders with the “big boys” of the private sector in Saint Lucia, as well as to listen to gems of wisdom by bankers and marketing advisors. Events such as these provide a unique opportunity for young entrepreneurs like myself, to network and build lasting relationships. Unlike other mixers I’ve attended, this one allowed entrepreneurs to pick the brains of successful businessmen at length in a casual and open environment. This type of mentorship and dialogue with the local business magnates is one of the key factors in developing entrepreneurship.

Another key factor in driving entrepreneurship is access to finance from a government policy standpoint. Commercial banks do not cater for venture capital (start-up capital) understandably due to the high risk. The micro finance institutions charge more exorbitant rates of interest than the banks themselves, which can be discouraging to aspiring entrepreneurs and put micro/small business owners in a real conundrum.

In spite of these pressing issues,  listening to Mr. Rayneau Gajadhar address us on how to “grow money the unconventional way”, has provided valuable insight to what it takes to succeed in business. One of the many things I took from this lecture is that if you can survive here, you can survive anywhere.

I believe the turnout of this event shows that young entrepreneurs have a serious interest in business and understand their pivotal role of being the drivers of employment and investment in the future.

However, to grow money the unconventional way, we must first have access to the money in the first place. The question therefore should be; what can be done to aid micro/small enterprises with access to finance at an affordable rate?

The NCPC is indeed pleased that the event was quite beneficial to the attendees. The mentors who were present have reported that they have made connections with the entrepreneurs and plan to work with them in the future. We look forward to hosting other activities for young entrepreneurs in the future. More importantly, to host activities that meets the needs of young entrepreneurs.