A new business support programme for Montserrat was launched at the opening of PRIME on Friday, July 23, 2021.
The Enterprise Development Scheme (EDS) is the Government of Montserrat’s new funding plan to support private sector growth. Along with an opportunity to access funding, entrepreneurs will also receive coaching and mentorship to support the development of their business.
In a well-produced video, the five members of the MCAP administration presented the new scheme which will open for applications in August.
“We must enable businesses to grow and encourage new ones by providing financing,” said Minister of Finance Premier Joseph Farrell in the video.
“Montserrat has a number of game changing and enterprising entrepreneurs in the areas of energy and ICT, the Enterprise Development Scheme was created just for you,” said Minister of Communications Dr. Samuel Joseph.
Under the scheme, entrepreneurs with new ideas or who desire to grow their business in sectors such as agriculture, tourism, technology, and health care can apply for grants of up to EC$20,000 and soft loans of up to $40,000 with a 3% interest rate.
The programme is being funded by the Government of Montserrat and the European Union. The loan portion of the scheme will be managed by the St. Patrick’s Cooperative Credit Union. The Trade and Finance Department will process the grants.
Watch the promotional video below.