After months in development, the Government of Montserrat has officially launched the EC$2 million Montserrat Business Progressive Fund, a soft loan initiative aimed at strengthening agriculture, fisheries and small business development across the island.
The programme, rolled out through the Ministry of Finance and Economic Management in partnership with Bank of Montserrat Ltd., is designed to expand access to affordable capital and drive economic resilience.
The fund offers loans at 2.5 percent simple interest per annum with repayment terms of up to eight years. Eligible applicants can access up to EC$50,000 to invest in capital equipment, machinery, technology and other productive assets.
Premier and Minister of Finance Reuben T. Meade described the initiative as a strategic investment in the island’s future.
“The Montserrat Business Progressive Fund represents our government’s unwavering commitment to building a more resilient, self-sufficient, and prosperous economy,” he said. “By providing accessible capital at affordable rates to our farmers, fishers, and entrepreneurs, we are investing in the people of Montserrat and creating lasting opportunities for economic growth. This initiative will help us reduce our reliance on food imports, strengthen our food security, and empower Montserratians to turn their business ideas into reality. Together, we are building One Montserrat united in purpose and progress.”
Funding Allocation Areas
The EC$2 million fund has been divided evenly across two priority areas.
EC$1 million has been earmarked for agriculture and fisheries to support domestic production and reduce food imports, which are estimated at approximately EC$18 million annually.
The remaining EC$1 million is allocated to agro-processing and micro and small businesses, with the aim of encouraging entrepreneurship, innovation and job creation across sectors.
The programme will operate as a revolving fund. Loan repayments will be reinvested to ensure continued access to financing for future applicants.
Eligibility and Access
To qualify, applicants must be Montserratians or permanent residents, and must be registered farmers, fishers, agro-processors or micro or small business owners.
Applicants are also required to agree to begin paying social security contributions, demonstrate financial responsibility and present a credible repayment plan. Loan funds must be used strictly for productive, income-generating purposes. Collateral will be required in the form of acquired assets or unencumbered personal assets.
The Government noted that the programme is 100 percent debt financed and does not require a loan-to-value ratio, debt service ratio or credit history review. This approach is intended to remove traditional banking barriers and widen access to capital.
Oversight and Administration
A Soft Loan Programme Committee comprising representatives from the Ministry of Finance, the Business, Trade and Investment Division, the Ministry of Agriculture, the private sector and a Programme Manager will oversee the initiative. The committee will vet applications, approve beneficiaries and monitor performance.
Bank of Montserrat Ltd. will act as the disbursing agent and will manage the revolving fund. All applicants must hold a valid account with the bank.
How to Apply
Applications are now open. Interested individuals are required to complete the MBPF application form and submit it with supporting documents to trade@gov.ms.
Further information and assistance are available from the Business Trade and Investment Unit at 491-2066 or via email at trade@gov.ms.
Discover more from Discover Montserrat
Subscribe to get the latest posts sent to your email.
