The Entrepreneurial Development Fund approved nearly $500,000 in business loans in a single week amid increased demand for government-backed financing, Prime Minister Gaston Browne has disclosed.

Browne said the approvals included one loan valued at $150,000, reflecting the size of some investments being supported through the programme.

The fund provides qualifying entrepreneurs and small businesses with loans of up to $200,000. Financing is available over periods ranging from seven to 10 years, with interest rates of 1% for agricultural ventures and 3% for other approved businesses.

Browne said the programme is intended to expand business ownership, support promising ventures and make affordable financing available to entrepreneurs who may struggle to secure funding through traditional financial institutions.

However, the prime minister warned that borrowers must repay their loans so the money can be reinvested in other businesses.

Browne said the government may eventually pursue legal action against delinquent borrowers who fail to meet their repayment obligations.

The warning comes as demand for financing continues to grow. Failure to recover outstanding loans could restrict the fund’s ability to assist new applicants and maintain the programme over the long term.

The prime minister encouraged borrowers experiencing financial difficulties to engage with the fund rather than ignore their obligations.

This article was originally published by Antigua News Room. Read the original article here: VIDEO: Entrepreneurial Fund Approves Nearly $500,000 in Loans In One Week.