The Montserrat Business and Professional Fund (MBPF) Soft Loan Programme has fully deployed its initial 2 million EC Dollar fund allocation, providing financing to dozens of local entrepreneurs and businesses across the island.
According to information released by the Government of Montserrat, the programme received 60 applications spanning 11 sectors of the economy and approved 39 loans valued at approximately 1.95 million EC Dollars, representing more than 97 per cent of the available funding.
The loans have supported businesses operating in agriculture, fisheries, tourism, retail, construction, information technology, consultancy services, agro-processing and other sectors.
A reported 19 loans remain active and are being repaid on schedule, with no defaults or arrears recorded to date.
Premier the Honourable Reuben T. Meade described the programme as an investment in local people and businesses, noting that affordable access to capital has helped entrepreneurs, farmers, fishers and small business owners strengthen and expand their operations. He also confirmed that the government is actively seeking additional funding to replenish and expand the programme so that more applicants can benefit in the future.
Programme Manager Dr. Gary Morton said the strong performance of the initiative reflects both careful administration and the commitment of borrowers. He highlighted the wide range of businesses that have received support, including fishers upgrading vessels, farmers expanding production and tourism operators increasing capacity.
Chairman of the MBPF Soft Loan Committee, Jerson Badal, said the committee has worked to ensure all applications were carefully reviewed while helping applicants strengthen proposals where necessary. He added that entrepreneurs across several sectors have demonstrated what can be achieved when adequate financial support is made available.
The MBPF Soft Loan Programme was established to provide affordable financing to Montserratian entrepreneurs and small businesses.
Loans are offered at an annual interest rate of 2.5 per cent for terms of up to 96 months and are intended to support productive investments and business growth.
The Government of Montserrat say efforts are now underway to secure additional funding from regional development partners, international financial institutions and local resources to allow the programme to continue supporting economic development and private sector growth on Montserrat.