$1.6M in Small-Business Loans Issued to 36 Applicants

EDP Approves 36 Small-Business Loans, Disburses $1.6M in 2025 — Minister Fernandez Says Programme Opening Doors for Low-Income Entrepreneurs

Tourism and Investment Minister Charles “Max” Fernandez says the government’s small-business loan programme has continued to expand access to financing for entrepreneurs who are unable to qualify for traditional bank funding, with 36 loans approved between January and October 2025.

Presenting during the Budget Debate, Fernandez reported that the Entrepreneurial Development Programme (EDP) disbursed EC $1.6 million over the ten-month period, noting that the initiative remains a critical tool for supporting start-ups and micro-enterprises. He said 51 percent of the approved loans went to women, and that approval rates remained high at 97 percent.

Fernandez described the programme as a “very important” support system for small and medium businesses, particularly for applicants who cannot meet commercial bank requirements. “Most of these persons, unfortunately, are not able to access funding through regular sources of funding,” he told Parliament, explaining that the EDP gives low-income and first-time business owners a pathway to develop their plans and receive financial backing.

The minister highlighted that priority sectors for lending include agriculture, information technology, tourism, and the blue economy, all aligned with national development goals and emerging opportunities.

Beyond loan figures, Fernandez said the programme’s impact lies in giving people a chance they otherwise would not have. “It is about understanding the persons that are having an opportunity to benefit from it, who would not normally be able to access that kind of funding,” he said.

Looking ahead, the ministry plans to expand outreach and training to attract more applicants, especially young people who may feel uncertain about entering the process. Fernandez said new efforts will include additional training, greater marketing of the programme, and helping potential entrepreneurs better understand how to apply and benefit from the initiative. The long-term goal, he added, is to increase both the number of applicants and the size of loans available.

Fernandez said the government is encouraged by the programme’s momentum and remains committed to strengthening access to financing for citizens who are ready to start or grow their own businesses.

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