The Government of Montserrat (GoM) has earmarked $200,000 has been earmarked for entrepreneurs to receive through the GoM’s Business Support Facility Fund.
A release from the government stated that “supporting micro, small and medium size enterprises (MSMEs) should be pivotal in any government’s policy. As such, The GoM has launched the Business Support Facility Fund. Under this fund grants will be awarded to deserving and innovative businesses on island to assist in their start-up and development.”
Business Manager Agatha Aspin in a radio release explains, ‘Entrepreneurs and applicants with innovative business ideas can receive up to $15,000. Others in need in the startup and development phase could receive up to $10,000. She said Managers/owners of Innovative Small businesses interested in accessing the funds are invited to submit their business plans as a precondition for funding by Monday, January 14, 2019 during the hours of 8:30am to 4:30 pm daily.
Further information provided says, businesses accessing the grant funding must be registered with the Financial services Commission. Business Plan may be simple, but at a minimum include:
- Identification of goods to be produced or service to be provided
- Identification and assessment of the market
- Marketing and advertising arrangements
- Pricing
- A simple budget showing funds required and use of funds over time.
According to Aspin, the successful applicants will also be assigned a mentor to match them with their business. A select committee has been appointed by Cabinet to made decisions on the applicants. If additional support is needed, Mrs Aspin will be able to assist in setting up their business plan.
