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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This is such a lie program.. this only benefits the persons that have connections.. I once went to apply and they ask if I had land as collateral, I said no because i was still paying for it .. I was told I wouldn’t be approved because of that …. This is not a honest system… it is full of holes and red tapes. Then to get it approved it has to be passed in parliament and then all them jokes in there will get to know your plans and sometimes run with the idea … max please come out of this politricks them a dirty up your rap sheet ..
Can they disclose who the 36 applicants are?
Though thankful that small amount allocated for business is tokenism, or the financing of institutional poverty in creating hucksters instead of competitive businesses. The government got to give the same concessions and moratorium to these small business to bring investment that can impact tourism, the government should give land infrastructure like they do for these foreign white investors.
If you dont qualify at a bank how do you quality for this? What is the criteria, where does one apply and what are the repayment terms? Why do they only talk about these ‘after’ the fact. As the previous person said ‘connections’. If you know you know and if you dont, you just miss out. I’ve sent emails to Gaston and Max asking for a private audience to discuss a tourism venture and they do not even acknowledge or decline my request.
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