$2.1mln Secured for Loans to Business Sector

Small and medium-sized businesses are set to benefit from a series of new relief measures and financial support initiatives unveiled in the Legislative Assembly.

Premier and Minister of Finance Reuben T. Meade confirmed that a soft loan initiative worth $2.1 million, split between agriculture and fisheries ($1 million) and small and micro-enterprises ($1 million). Funding has been secured through regional programmes and the Eastern Caribbean Central Bank.

“The Government of Montserrat remains steadfast in its commitment to fostering a thriving private sector that drives economic growth and creates opportunities for all,” the premier told members.

Since October 2024, 17 applications have been approved under the Micro and Small Business Act, with all eligible local businesses receiving tax concessions and import duty relief. Additional measures include a 50% reduction in freight charges on imports and lower duties on building materials, designed to reduce operational costs.

The government has also pledged technical assistance, export promotion, and the creation of a “Made in Montserrat” shelf in supermarkets to support local producers.

Opposition Leader Paul Lewis pressed for updates on the promised low-rate loan facilities, noting that the government had long cited them as key to stimulating enterprise. The premier confirmed that negotiations with financial institutions are at “an advanced stage” and final drafts are being reviewed.