Enterprise Development Scheme A Success Story For the Government

The Government of Montserrat has lauded efforts during the past year to extend a helping hand to small businesses.

Premier and Minister for Finance, the Honourable Joseph Farrell says, in an effort to alleviate the challenges associated with business finance, 1.1 million dollars were provided under the Enterprise Development Scheme ..EDS.

He says those operating under priority sectors within the private sector- ICT, tourism, agriculture, manufacturing and renewable energy were able to benefit from grants, loans and business training.

According to the Premier this was in an effort to support business innovation, grow employment and strengthen

existing and emerging businesses on Montserrat.

Thirty-one businesses were awarded grants totaling more than 570, 000 dollars and were issued loans in the amount of 55,000 dollars.

He said furthermore, the EDS identified youth - 16 to 35 years old - as priority and six young persons successfully applied.

Of the 53 applications, 50 per cent were female signaling the presence of women in business.

The government also extended the programme to those sole traders who fell outside the limits of the EDS, inluding the self-employed, who needed support with small items such as stoves and fridges to enhance their businesses and keep them in employment.

In this regard 100,000 dollars were assigned and has been fully expended to meet these needs.

Twenty-Five (25) businesses in total benefitted from this

programme.