HUNTUMS GHUT, Tortola — Eight local entrepreneurs have received the keys to their new commercial spaces at the British Virgin Islands’ first Entrepreneurial Zone and business incubator, marking a significant step in the Territory’s efforts to strengthen its micro, small and medium-sized business sector.
The Huntums Ghut facility officially opened on Friday, September 11, with eight business owners receiving keys during a ceremony attended by government officials and community representatives. They are part of the first cohort of nine entrepreneurs approved to operate from the facility.
The initiative is designed to give start-ups and growing businesses access to affordable commercial space while providing them with training, mentorship and other forms of business-development support.
The first cohort includes Fiesta Gifts and Event Supplies, Lifeline Transport Services, Caribbean Corner Market, Smart and Glam Braider, Island Suppliers 284, Eclipse Gloss, Fragrance Oasis VI and Suds N Tings. The businesses cover a range of areas including retail, transportation, groceries, beauty services, fragrances and event-related products.
From start-up to sustainability
Rather than functioning simply as a collection of rental spaces, the Huntums Ghut facility is intended to serve as an incubator where entrepreneurs can develop their businesses before eventually moving into the wider commercial market.
According to the Government, successful applicants were required to submit business plans outlining their business concepts, expected income and potential for growth.
Entrepreneurs will be permitted to operate from the incubator for approximately two to four years while receiving support from the Department of Trade, Investment Promotion and Consumer Affairs.
Deputy Director of Trade Dr. Lincoln E. Bobb said the Department intends to maintain a close relationship with participating businesses throughout the incubation period, with the goal of helping them develop into sustainable independent enterprises.
The approach represents a shift from simply providing entrepreneurs with a physical location to providing a structured pathway for business development.
Government sees wider economic potential
Junior Minister for Financial Services and Economic Development Lorna Smith, OBE, said the Entrepreneurial Zone is intended to serve qualifying entrepreneurs from throughout the Territory, rather than being restricted to residents of Huntums Ghut.
The Government has positioned the project as part of a broader effort to make the MSME sector a stronger contributor to economic activity in the Virgin Islands.
Permanent Secretary in the Ministry of Financial Services, Economic Development and Digital Transformation Natalie Fahie-Smith said the objective is not simply to provide commercial space, but to use the facility as a catalyst for business growth.
The Department of Trade is expected to provide participating entrepreneurs with training, mentorship and other business-development assistance during their time at the facility.
A project years in the making
The opening comes after several years of development.
Ground was broken for the project in October 2020. The initiative subsequently experienced delays associated with the COVID-19 pandemic and funding constraints before reaching the point where entrepreneurs could finally occupy the first completed building.
The project was originally conceived as part of a programme aimed at giving first-step and start-up businesses a supportive environment in which to establish themselves.
The completed Huntums Ghut site is planned to include two buildings. The first building contains air-conditioned, glass-fronted commercial units of varying sizes, while work is expected to continue on the second building.
More spaces and more zones planned
Government officials say the Huntums Ghut development is intended to become a model that can eventually be replicated elsewhere in the Territory.
The first building still has capacity for additional small businesses, while the Government has indicated that similar entrepreneurial zones could eventually be established in other communities.
That expansion could be significant for entrepreneurs who face some of the traditional challenges associated with establishing a small business in the BVI, including the cost and availability of suitable commercial space.
For the businesses now moving into Huntums Ghut, however, the immediate focus is on turning the opportunity into sustainable operations.
The Government has encouraged the entrepreneurs to make full use of the training, mentorship and other support available through the programme and to build businesses capable of operating independently once their incubation period ends.
For the BVI’s small-business community, the opening of the Entrepreneurial Zone therefore represents more than the opening of a new commercial facility. It creates a structured environment in which emerging businesses can test their ideas, establish customers, strengthen their operations and prepare for the broader marketplace.
