Loans Jamaica

Following ScotiaBank’s recent announcement of the creation of a 9.95% loan pool for the productive sector, National Commercial Bank of Jamaica has announced the creation of a $1-billion concessionary loan fund that will provide loans at 9.0%.

Loan applications for the facility will reportedly open on November 1, and close April 2010 – with special consideration being given to the bank’s existing customers. Available loan sizes will range from a low of $500,000 to a high of $15 million. Borrowers will reportedly be allowed up to seven years to repay, and, subject to negotiations, may also be granted a one-year moratorium on the principal. Once approved, the funds will have to be drawn down within three months, either in multiple disbursements or in a single disbursement.

The sectors reportedly being targeted for this loan fund are manufacturing, agriculture, women in business, and new business ventures.

To qualify for a loan from this 9.0% loan fund, applicants must demonstrate the ability to pay and prove that the company is a registered SME. Disbursements will be in Jamaican currency.