The Government of Montserrat (GoM), through the Ministry of Finance and Economic Management, in partnership with the Bank of Montserrat (BoM), today officially launched the Montserrat Business Progressive Fund (MBPF) – a transformative EC$2 million soft loan programme designed to stimulate economic growth, enhance food security, and empower local entrepreneurs. The MBPF represents a significant investment in Montserrat’s economic future, providing accessible and affordable financing to registered farmers, fishers, agro-processors, and micro and small businesses. With an attractive interest rate of just 2.5% simple interest per annum and repayment terms of up to eight ( 8 ) years, the programme removes traditional barriers to capital access and enables productive investment in key economic sectors. Premier and Minister of Finance, the Honourable Reuben T. Meade, emphasized the programme’s strategic importance to Montserrat’s development: “The Montserrat Business Progressive Fund represents our government’s unwavering commitment to building a more resilient, self-sufficient, and prosperous economy. 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.” Programme Structure and Allocation The EC$2 million fund has been strategically allocated to maximize impact across critical sectors: • Agriculture and Fisheries Sector: EC$1,000,000 – targeting expansion of domestic production capacity, reduction of food imports (currently valued at approximately EC$18 million annually), and promotion of food sovereignty. • Agro-Processing and Micro and Small Businesses: EC$1,000,000 – enabling entrepreneurship, fostering innovation, and stimulating employment across all economic sectors. Eligible applicants may access loans of up to EC$50,000 to invest in capital equipment, technology, machinery, and productive assets necessary for business expansion and enhanced competitiveness. The programme operates as a revolving fund, with loan repayments reinvested to ensure continued availability of financing for future beneficiaries. Eligibility Requirements To qualify for the MBPF, applicants must: • Be a Montserratian or permanent resident of Montserrat • Be a registered farmer, fisher, or micro/small business owner (including agro-processors) • Agree to commence paying social security contributions • Demonstrate financial responsibility and a credible repayment plan • Commit to using loan funds exclusively for productive, income-generating activities • Provide collateral in the form of acquired assets or personal assets free of encumbrances Notably, the programme is 100% debt financed, with no loan-to-value ratio, debt service ratio, or credit history review required for eligibility – removing traditional banking barriers and ensuring broad accessibility for Montserrat’s entrepreneurs. Programme Governance and Management The MBPF will be overseen by a dedicated 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. The Committee will be responsible for vetting applications, approving eligible beneficiaries, and monitoring programme outcomes. The Bank of Montserrat will serve as the disbursing agent, maintaining all programme funds, processing loan disbursements to approved beneficiaries, and managing the revolving fund mechanism. All applicants must maintain a valid account with the Bank of Montserrat. How to Apply Applications for the Montserrat Business Progressive Fund are now open. Interested applicants should complete the MBPF Application Form and submit it along with all required supporting documents to trade@gov.ms. For application forms, assistance with completing applications, or further information about the programme, please contact: Business Trade and Investment Unit Telephone: 491-2066 Email: trade@gov.ms The Montserrat Business Progressive Fund represents a milestone in the Government of Montserrat’s commitment to economic transformation and empowerment. By providing accessible capital to local farmers, fishers, and entrepreneurs, the programme will drive sustainable economic development and create lasting opportunities for all Montserratians.
