The Cabinet has approved duty-free exemption for all businesses approved under the Government of Montserrat’s Enterprise Development Scheme (EDS) and the Small Business Relief Fund (SBRF).
Based on the Cabinet notes from September 8, 2022, recipients of funds through these two programmes can apply to receive the Customs duty exemption under the following terms and conditions.
a) Each of the approved businesses will be granted duty free exemption only on the list of items approved in their EDS or SBRF application.
b) Variations to the list of items forming part of the approved EDS or SBRF application must be approved by the EDS Committee in writing.
c) The items imported under the concession will be for the sole use of the business and not for personal use.
d) The items for the concession must be equipment, fittings and or furniture.
e) Exemption will be granted from consumption tax and import duties, while the business owner must pay processing fees.
f) The duty-free exemption will expire on September 30, 2023.
The Small Business Relief Fund (SBRF) was developed by the Government of Montserrat (GoM) with funding from the European Union (EU) to provide some financial relief to small businesses still experiencing the impact of the COVID-19 pandemic on the local economy.
The government has allocated $100,000 in grant funds with a maximum allowance per recipient of $5,000.
More than 20 businesses have benefited from the SBRF.
The grant portion of the Enterprise Development Scheme (EDS) has been exhausted. There are still loans of up to $40,000 available through the programme.
