According to the release, car, education, business, vacations, medical loans, are just a few of the discounted loans that Scotiabank’s King Street Branch is offering to the public. With the red tag sale, customers will be able to choose optional credit protection, design their preferred repayment schedule and even negotiate interest rates, fees or any other terms which may normally be prohibitive to the customer.

Ultimately, Scotiabank King Street are striving to get the attention of their customers and to invite them to sit with any of the branch’s personal banking team members to discuss tailoring a loan that will fit their demands. All this is being done with the knowledge that everyone is different and may need a loan to meet the specificity of their circumstances whether short medium or long term.

A press release from Scotiabank stated, “Effective today [February 3], Scotiabank will offer on all new SME loans, a fixed rate of 16.95 per cent per annum for the first 12-month period of the loan. Entrepreneurs will be able to access from J$1 million up to J$22.5 million for up to seven years. The new rate reflects a reduction of as much as 500 basis points.”

It’s full-page newspaper ad states:

Navigate your business to success

Apply for your SME Business Loan by August 31, 2010 and get:

• Up to $22.5 million
• A fixed interest rate of 16.95% p.a. for the first twelve months
• Up to seven years to repay

You don’t have to be an existing Scotiabank customer to take advantage of this special offer. Apply today! Call our contact centre at 1-888-4-SCOTIA or visit your nearest Scotiabank branch.

• Interest rates starting at 19.75%
• Payment terms of up to 72 months
• A pre-approved MAGNA MasterCard or GOLD MasterCard credit card (* conditions apply)
• Creditor life insurance coverage of up to $7.5 million (* conditions apply)
• Easy application process and quick turnaround time

For more details, call toll free: 1-888-4-SCOTIA or speak with a Personal Banking Officer at your nearest branch.

ScotiaBank has said that the loan facility is being financed solely from its own internal resources, and that the goal of the fund is to help stimulate production through the creation of new and expansion of existing businesses.

Additional details about the Scotia Productive Sector Growth Fund:

• All applicants must present a business plan, cash flow projections and documented “information to support the viability of their project(s)
• Amounts will be disbursed in Jamaican currency
• Loans have to be fully collateralised
• Repayment is in seven years, which includes a moratorium of up to two years on the principal
• Access to this non-revolving facility is conditional on Scotiabank becoming the borrower’s lead bank
• $425 million of the $500 million fund will be dedicated to older businesses that want to expand and improve production
• The other $75 million will be accessible by businesses under two years old
• ScotiaBank will only lend up to 70% of the project funds, borrowers must show that they can finance the other 30%