The minister for Agriculture here has praised the recently rolled-out Montserrat Business Progressive Fund (MBPF) Soft Loan Programme.
During the budget debate on Tuesday, Hon. John Patrick Osborne spoke on the impact of this programme thus far on the sector.
Minister Osborne said the programme was designed to address funding issues for persons in agriculture.
He explained that ‘for years our farmers and our fishers found themselves locked out of traditional financing. Historically, financial institutions were reluctant to take on the perceived risk of agriculture and fisheries, leaving some of our most productive citizens without a pathway to capital they needed to grow their operations. This Government said that that was unacceptable. We designed this off-loan programme precisely to close that gap, to inject capital into the productive economy, and to create a real avenue of access for the men and women who feed this nation. And Madam Speaker, it is telling, and it is a matter of pride for this Ministry, that the majority of applicants under the programme are our fishers. That is what practical, targeted support looks like. That is what a Government that understands its productive sector does.’
The approved soft loans span a broad cross-section of Montserrat’s productive economy, namely Fisheries,
Agriculture / Farming, Hospitality & Tourism, Construction & Trades, Information Technology & Technical Services, and Consultancy & Professional Services.
The programme’s first wave of approvals brings both direct and indirect economic benefits, including increased local production in fisheries, agriculture, and services; job creation and retention across multiple sectors; improved household income for approved borrowers and their families, capital investment in productive assets; stronger formal business activity, a boost to government revenue over time; and community confidence from a visible government commitment.