The MSME Loan-Grant is an EC$10 million facility aimed at providing post COVID-19 pandemic relief to registered MSMEs. It is a combination of 70% grant and 30% loan funding at an attractive interest rate of only 3%, with no collateral requirements.

Acting Director of the Small Business Development Centre Mr. Jonathan Allain remains encouraged by the overwhelming response to the first call for applications. He says the Ministry expects a similar response for the second call.

“We are expecting a similar influx of applicants from all over the island. We will be implementing some changes to allow for a more seamless process and will be embarking on rigorous online training sessions with the new batch of prospective applicants as well as applicants who were unsuccessful during the first call, to increase their chances of success, by providing guidance on the creation of viable business plans,” he said.

Allain says the Ministry will also provide technical training to recipients to ensure they’re able to make efficient use of the funds.

“So part of the program does not only include the financing support, there is also a training and technical support which is part of the program because we recognise that just providing finance without providing the technical support would not meet all of the needs of the MSMEs. So we have some training programs which we plan to roll out, training in marketing, business plan development, things relating to being able to do succession planning for their businesses, risk planning for their businesses.”

Prospective businesses may qualify for funds up to $10,000, while businesses in existence no more than two years can seek up to $20,000 in funding. Businesses in existence for over two years can access up to $25,000.