Scotiabank Jamaica has launched a J$1bn (US$16.7m) small- and medium-sized enterprise (SME) financing programme, focusing on export-related activities and job creation.
The primary objective of the programme is to help SMEs that would normally not be able to secure affordable financing to expand or sustain their businesses. The fund will provide loans at a concessionary rate fixed of 9.5%.
The programme offers loans of between J$7.5m and J$22.5m, for any one project. Loans will have a maximum term of seven years, with a two-year moratorium on the principal.
Prospective borrowers will be required to satisfy Scotiabank's normal credit risk assessment and be up-to-date with all tax and regulatory obligations.
The Bank of Nova Scotia has subsidiaries in the Caribbean, Central America, South America and Mexico.
Source: BNamericas.com
