As of today Monday October 11, 2021, existing and new businesses on Montserrat can submit applications for funding under the much-anticipated Government of Montserrat Enterprise Development Scheme (EDS).
The scheme will make EC$1.1mil available to the private sector to support business innovation, grow employment, and strengthen existing and emerging businesses on Montserrat. The Scheme also responds to the economic fallout caused by the coronavirus pandemic which has brought the barriers affecting private sector growth into sharp focus and amplified the urgent need for increased Government support.
Through this programme, local businesses stand to benefit from grant funding of up to EC$20,000.00 and 3.5% interest loans up to EC$40,000.00. Businesses have the option to apply for both types of funding. Potential applicants are asked to note that funding cannot be used to purchase motor vehicles or items and goods for resale.
In order to be eligible for funding under the EDS, Applicants will be required to provide the following:
- Business or Company Registration No. (Except where the business is being operated in the name of the Proprietor);
- A copy of the business’ 2020 Annual Return, filed at the Financial Services Commission (where applicable);
- A Tax Compliance Certificate; and
- A clear Business Plan
All applications will be reviewed by the EDS Committee against the following criteria:
- The extent of innovation within the business sector;
- Potential for expansion and job creation;
- Possibilities for export creation;
- The degree to which the business falls within key priority areas: ICT, renewable energy, light manufacturing & environmental protection; and
- Soundness of the business plan.
The Committee will then make a recommendation to the Honourable Financial Secretary, after which, the Applicant will be advised on the outcome of his/her application.
To assure the quality of applications, support will be provided to applicants by the EDS Project Officer, Mrs. Agatha Aspin. Persons accessing the EDS can also expect to benefit from mandatory business management trainings which are aimed at building and addressing capacity gaps among business owners. Furthermore, successful applicants will have access to mentors in their respective fields.
The full guidelines for the EDS can be read at the following link: Guidelines-for-the-Enterprise-Development-Scheme-EDS-Word-12-Oct.pdf (www.gov.ms)
The EDS has been made possible through funding from the European Union (EU) and will be administered through the Ministry of Finance & Economic Management with support from the St. Patrick’s Cooperative Credit Union.
For further information, contact the following numbers and/or email address:
- EDS Project Officer, Mrs. Agatha Aspin – (664) 396-1374
- Ministry of Finance and Economic Management – (664) 491-2777
- EDS enquiry email: edsmontserrat@gmail.com
- Applications can be accessed via: www.gov.ms on the publications page. The direct link is as follows: https://www.gov.ms/wp-content/uploads/2021/10/EDS-Application-Form-2021.docx
Alternatively, hard copies can be collected from the Ministry of Finance & Economic Management.