The OPSR is responsible for implementation of the Private Sector Development Programme (PSDP) which is jointly funded by the European Union and the Government of Saint Lucia. The main objective of the PSDP is to advance the process of economic diversification by assisting the private sector to become more competitive. Assistance is delivered directly to firms and through initiatives that are geared towards improving the general business environment to make it more conducive for businesses to operate.The main mechanism for delivery of direct assistance to firms is through a three staged approach referred to as the Business Upgrading Project Cycle (BUPC).

Stage 1 - Diagnostic Study; Stage 2 - Design of Business Plan and Stage 3 - Implementation of Business Plan. The main criteria for qualification for assistance are (a) firms must be formally incorporated and (b) that the potential beneficiaries of the Program are to be in business for at least three years.