November 6, 2024
Castries, Saint Lucia
Access to financing for businesses is becoming increasingly easier in Saint Lucia. In 2023, the Parliament approved the landmark Security Interests in Movable Property Bill tabled by Prime Minister and Minister for Finance, Hon. Philip J. Pierre.
The new Security Interests in Movable Property Act is opening doors and creating new pathways to financing for Saint Lucians. Individuals and companies alike can use their movable assets like motor vehicles, intellectual property, inventory and goods as collateral to secure loan financing to scale up their operations and grow their businesses with the registration of their loan financing performed online and in real-time using the Security Interests in Movable Property Registry (SIMPR) website.
The response from the business community has been encouraging since the SIMPR launched in November 2023.
✅By August 2024, registrations on the SIMPR increased by 53% to 3,288.
✅By June 2024, the value of loan financing passing through the SIMPR exceeded $25 million. Over 2,000 individuals and companies gained access to loan financing.
For companies turned away or unable to access loan financing via traditional means, the SIMPR offers them a vital financial lifeline.
With groundbreaking policies like the Security Interests in Movable Property Act, the Government of Saint Lucia continues to create an enabling economic environment that facilitates business development and encourages economic growth.
