Monies from the 2023 Small Business Relief Fund have been awarded to 22 businesses.
According to a release from the Government Information Unit, the combined grants are valued at ninety-eight thousand, eight hundred ninety-five dollars and eighty-cents ($98,895.80) from the Government of Montserrat’s 2023 Small Business Relief Fund (SBRF).
The majority of these businesses are within the food/beverage sector, creative/craft and media/entertainment; and will be using the funds to purchase trade specific equipment, appliances and tools, the release noted.
Speaking at a brief ceremony on Wednesday, Premier and Minister of Finance, Joseph E. Farrell expressed delight at being able to contribute to the development of the private sector. “I am pleased that my government can continue to support the private sector during some of the most challenging times on the global, regional and local economic scenes,” stated Premier Farrell.
This second round of the SBRF was rolled out in September 2023 with the Government of Montserrat earmarking EC$100,000.00 to aid businesses that continue to cope with the ongoing effects of the global crises on the local economy. Under the programme locally registered qualifying businesses had an opportunity to benefit from a maximum grant of $5000.00. In total, eighty-seven (87) applications were received from a wide range of business sectors.
“We will continue to demonstrate our commitment to the growth and resilience of the private sector through capital investments, training initiatives, encouraging business compliance and promoting our local sectors through events like PRIME,” expressed the premier.
Over the next few weeks, the Ministry of Finance will support the awardees to acquire the items approved under their application. Recipients can also expect to benefit from duty free exemption on the importation of their items as part of the overall programme.
The Premier and Minister of Finance thanks all applicants for their submissions and looks forward to continuing his support to the private sector.
