The Montserrat Reporter 23 November 2012

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Friday, November 23, 2012

Page g 1 Today’s Scripture

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[Joseph] kissed all of his brothers and wept, embracing them. After that, his brothers were finally able to talk to him. — Genesis 45:15 (CEB)

Small business Vol. XXVII No. 26

Week Ending Friday, November 23, 2012

Price $2.00

financing launched at MDC and SPCCU

of $40,000.00 each, up to five years, from resources that “we have obtained from department for international development (DFID) and these resources will be provided through the St. Patrick’s cooperative credit union.” She explained, “…we know that there are a lot of very good business ideas in Montserrat that may just need that little extra amount of financing to launch it in a big way, and sometimes your ability to access that financing is just not there and that really is the basis of the development of the business financing facility…” Mrs. Agatha Aspin the business coordinator chaired the proceedings which she had informed was a two fold exercise. “We have the start of the financial exercise and the official launch of the MDC financing program the business financing facility,”as she further explained, “the business sector of Montserrat has been receiving of training and other business development initiatives from the Caribbean Development Bank (CDB) through its CTCS program.” She noted that CDB had

cont’d. on page 2 On October 8, 2012, Premier the Hon. Reuben T Meade proudly declared the launch of a long awaited “Business Financing Facility” (BFF) which will be operated by the MDC in collaboration with the SPCCU. After officially launching the BFF which followed an overview of a Financial Management workshop (FMW) by Mrs. Teresa Silcott, and an overview of the BFF by Mrs. Angela Greenaway,

the Premier in a short feature address for the dual occasion told the gathering that the BFF will make available small business loans to prospective and ‘struggling’ entrepreneurs. He said it is: “…a pleasure to be here speaking after the launch of this facility many many years after it should’ve been launched we have been talking about this facility since the days of Dr. Lewis

when he was Chief Minister ,” taking this back to 2006 and even further. He explained the project as, “…a collaboration where projects are identified, the MDC will be responsible in determining whether or not it fits within the particular criteria, and then the funding is being disbursed and repaid through the SPCCU.” The Premier attempted to be candid in that address. He went

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on to describe the problems as he saw them. “Government talks a lot about engaging with the private sector. Part of the difficulties of the private sector in Montserrat; 1. It is small; 2. Financing is difficult; and of course Government is very, very difficult and providing the support,” he concluded. He referred to the workshop facilitator as having said that “… government is not very sensitive to responding to the needs of the private sector.” “As a consequence,” he said, We will be handing over to the MDC the facility of a one-stop shop.” Mrs. Greenaway told the would be participants at the workshop that the project will be via loans (eventually revealed to be at 5% interest) in up to two tranches


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