The Ministry of Finance and Economic Management will be overseeing the grants portion of a new private sector support initiative, which will put XCD1.3 million into small business development on Montserrat.
Minister of Finance, Premier Joseph E. Farrell said Tuesday the new loan/grant financing programme dubbed Enterprise Development Scheme will give special consideration to businesses which seek to innovate within the priority sectors of information communication technology, light manufacturing, renewable energy and environmental protection.
Young people between the ages of 16 and 35 years will also be given preference under the scheme.
Farrell said XCD$ 600,000 is allotted to grants and XCD$ 500,000 for loans to be facilitated by the St. Patrick’s Cooperative Credit Union. An additional XCD$200,000 is available for other aspects of business development including training and business plan writing.
The Trade and Quality Division is to provide ongoing support to the successful business owners who access the funds.