The Government of Montserrat, through the Montserrat Business and Professional Fund (MBPF), today announced that its first Soft Loan Programme has fully deployed its EC$2 million capital allocation to local businesses and entrepreneurs.
Since its launch, the programme has received 60 applications across 11 economic sectors and approved 39 loans totalling EC$1,946,114, a 97.3% utilisation of the fund. Of these, 19 loans are currently active and repaying on schedule, with no defaults or arrears recorded to date.
Loans have gone to businesses in agriculture and farming, fisheries, hospitality and tourism, retail and distribution, consultancy and professional services, agro-processing, information technology, construction and trade, and other sectors.
Statement from the Premier
“This is what happens when we invest in our own people. The MBPF Soft Loan Programme was built on a simple idea: that our entrepreneurs, farmers, fishers, and small business owners deserve access to affordable capital. With this first EC$2 million, we have helped 39 businesses across the island strengthen and grow. I am pleased to confirm that we are seeking additional funding so the programme can continue and reach more of our people. This Government is committed to giving every qualified entrepreneur a fair chance to succeed.” — The Honourable Reuben T Meade, Premier of Montserrat.
Premier Meade confirmed that discussions are underway with regional development partners, international financial institutions, and within the Government’s own fiscal resources to replenish and expand the fund. He said the Government intends to sustain the programme and grow it, so that applicants currently in the pipeline and future entrepreneurs can also access support.
Statement from the Programme Manager
“We have administered this programme carefully and fairly from the start. Deploying EC$1.94 million across 39 loans in 11 sectors, with a clean repayment record, is something the team is proud of. What stands out most is the range of businesses we have backed: fishers reinvesting in their vessels, farmers expanding production, tourism operators adding capacity, and new ventures getting off the ground. The pipeline is still strong, and with more funding we are ready to support more applicants.” — Dr. Gary Morton, Programme Manager, MBPF Soft Loan Programme.
Dr. Morton credited the result to the work of the Programme Management team, the Soft Loan Committee, the Bank of Montserrat, and the applicants themselves. He said the zero arrears and zero defaults rate reflects both the quality of the loan assessments and the commitment of borrowers to repay and reinvest in their businesses.
Statement from the Chair of the Soft Loan Committee
“The Committee has taken its responsibility seriously. We have reviewed every application carefully, weighing the needs of applicants against our duty to lend responsibly. Where an application needed strengthening, we worked with the applicant to help them meet the standard. Across agriculture, fisheries, hospitality, retail, and other sectors, Montserrat’s entrepreneurs have shown what they can do with the right support. We look forward to continuing this work as more funding is secured.” — Mr. Jerson Badal, Chair, MBPF Soft Loan Committee.
The Committee, chaired by Mr. Badal, has met regularly throughout the programme to review applications, oversee the lending process, and ensure decisions reflect both programme policy and the development needs of local businesses.
About the MBPF Soft Loan Programme
The Montserrat Business and Professional Fund (MBPF) Soft Loan Programme was set up to provide affordable financing to Montserratian entrepreneurs and small businesses. It offers loans at 2.5% annual interest over terms of up to 96 months, for productive asset purchases and business investment across all sectors. The Programme Manager administers it under the oversight of the Soft Loan Committee. The programme supports the Government of Montserrat’s wider economic goals, including food security, import substitution, and private sector growth.
With the initial EC$2 million now deployed and the Government working to secure more, the MBPF Soft Loan Programme expects to expand its lending in the months ahead.