St Kitts hasn't escaped being affected by the global economic crisis and some workers have been laid off, but the Kittitian Prime Minister the Right Honourable Dr Denzil L Douglas has said low income families will receive assistance for building their own homes and starting up small businesses from the Sugar Industry Development Fund, through the Development Bank of St Kitts and Nevis.
The Sugar Diversification Foundation is an important source of funding and stabilisation for the country and affects a number of different areas including tourism, agriculture, housing and education. One of the government's top priorities is to increase home ownership so that ordinary people have appreciating assets, and the Sugar Diversification Foundation can help in cases where low income families face difficulties raising deposits. The foundation also gives aid to small businesses and entrepreneurs who have great ideas but limited resources.
The Sugar Industry Diversification Foundation was set up to help support former sugar workers after the closure of the industry in 2005. Part of its brief was to conduct research into the development of industries suitable to replace the sugarcane industry, and to provide funding to secure their sustainability. The Foundation is also a designated special approved project for anyone applying for citizenship by investment, so anyone contributing $250,000 towards the Foundation can then apply for citizenship by investment.
The Development Bank of St Kitts and Nevis offers new and qualifying businesses interest-free loans from the fund started in 2007 by the government. One of its major aims is to improve the agricultural sector, and in addition the bank is able to provide technical assistance.
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