The Government of Montserrat is seeking additional funding to expand the Montserrat Business and Professional Fund (MBPF) Soft Loan Programme after fully deploying its initial EC$2 million allocation to local entrepreneurs and businesses.
Premier Reuben T. Meade announced last week that discussions are underway with regional development partners, international financial institutions and within government to replenish and grow the fund, which has supported businesses across 11 sectors of the economy.
The announcement follows the successful deployment of EC$1.94 million through 39 approved loans, representing 97.3 per cent utilisation of the original fund.
According to programme figures, the MBPF received 60 applications since its launch. Loans were approved for businesses operating in agriculture, fisheries, hospitality and tourism, retail, consultancy services, agro-processing, information technology, construction and other sectors.
Of the 39 loans approved, 19 are currently active and are being repaid. Programme administrators report that there have been no defaults or arrears to date.
Premier Meade said the results demonstrate both the demand for affordable financing and the potential of local entrepreneurs when given access to capital.
“This is what happens when we invest in our own people,” Meade said. “With this first EC$2 million, we have helped 39 businesses across the island strengthen and grow. I am pleased to confirm that we are seeking additional funding so the programme can continue and reach more of our people.”
The programme offers loans at an interest rate of 2.5 per cent, with repayment terms of up to eight years, making financing more accessible than many traditional lending options.
MBPF Programme Manager Dr. Gary Morton said the programme’s success extends beyond the amount of money distributed.
“What stands out most is the range of businesses we have backed: fishers reinvesting in their vessels, farmers expanding production, tourism operators adding capacity, and new ventures getting off the ground,” he said.
Morton noted that demand remains strong, with additional applicants still in the pipeline.
“The pipeline is still strong, and with more funding we are ready to support more applicants,” he said.
Chairman of the Soft Loan Committee, Jerson Badal, said the committee worked closely with applicants throughout the process to ensure viable projects could access financing while maintaining responsible lending standards.
“We have reviewed every application carefully, weighing the needs of applicants against our duty to lend responsibly,” Badal said. “Where an application needed strengthening, we worked with the applicant to help them meet the standard.”
The programme was established to provide affordable financing for productive business investments and supports government objectives including food security, import substitution and private sector development.
The government’s move to secure additional funding comes as the programme reaches full deployment and officials seek to maintain momentum among entrepreneurs looking to expand existing businesses or launch new ventures.
If new funding is secured, the MBPF is expected to reopen lending opportunities for applicants currently awaiting support and future entrepreneurs seeking access to low-interest financing.
Discover more from Discover Montserrat
Subscribe to get the latest posts sent to your email.
