In a release issued recently, ScotiaBank said “This Scotia FARM Fund reinforces the Bank’s ongoing thrust to stimulate growth in the agricultural and productive sectors. Under this initiative, the bank is providing short-term, non-revolving loans to financially viable farming projects with the goal of stimulating increased farming activities, reducing the use of foreign exchange on imports of products that can be produced locally and generating increased employment.”

The fund will be available from April 29 to December 31, 2010 to eligible farmers who are registered with the Rural Agricultural Development Authority (RADA), and approved by the Ministry of Agriculture and Fisheries FARM Programme. Loans will range between $500,000 and $2 million, and will be utilised for short-term crop financing, including purchasing of fertilizer,insecticide, seeds, and securing labour directly related to the crop production.

In the first phase of the project, the bank will be providing loans for the planting of onions, irish potatoes and hot peppers. The maximum loan term for the financing of onion and potato crops is six months, and the maximum term for hot peppers is nine months. A maximum of 10 per cent of the project cost (up to $200,000) can also be used for the purchase of capital equipment specific to the project/crop planting. Loans will be disbursed against invoices for material and labour and directly to the suppliers for material.

“LEADING financial institutions National Commercial Bank (NCB) and Scotiabank are jostling for the major share of the tight auto loan market, both significantly chopping interest rates and wooing auto dealers over the past few months,” … more

Head in the right direction and get financing for your used motor vehicle from Scotiabank.

• Up to 95% financing
• 19.75% interest rate
• $10,000 cash for gas
• Offer valid until March 31, 2010, and certain conditions apply

Call 1-888-4SCOTIA or visit your nearest Scotiabank branch for details.

A mortgage from Scotia Jamaica Building Society Mortgage can make it easier for you to move in, move up and move ahead. Choose from our many mortgage solutions:

• Purchase a lot
• Build on your own land
• Buy a house, townhouse or apartment
• Improve your home
• Refinance existing mortgage

For more information, please call 1-888-4-SCOTIA for more information. Conditions apply.

• 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’s loan rate reduction follows recent similar reductions by RBTT and FirstCaribbean. In a press release that was issued yesterday, ScotiaBank said that it will continue to review its rates to determine if opportunities exist for further adjustments over the short-term.

Jacqueline Sharp, Scotiabank Group’s chief financial officer said, “This second reduction in our lending rate is another demonstration of our keen commitment to stimulating recovery in all sectors. We are giving Jamaicans access to affordable financing, so that they can succeed in a very challenging economic environment.” She also added that this reduction “was evidence of Scotiabank’s confidence in Jamaica and the Bank’s commitment to playing a lead role in encouraging industry and providing support to retail customers.”

ScotiaBank also announced recently, a special 9.95% loan pool for the productive sector.

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%

Here are the ad details:

• 2009 Suzuki Swift – monthly payment of J$41,132
• 2009 Suzuki Grand Vitara – monthly payment of J$41,338

Note, both items above are based on full duty charges (i.e. no duty concessions) and also on 95% financing via ScotiaBank.

Want more details? Telephone 926-5400

According to the Scotiabank Group President & CEO Bruce Bowen, the reduction in the bank’s lending rate reflects its commitment to stimulating recovery in all sectors of the Jamaican economy. He also says it is critical that senior decision makers in government, business and civil society work together to build confidence in the business community and the general public, and that Scotiabank will continue to review its rates to determine if there is an opportunity for further adjustments over the short-term.

It continues: Plan ahead with a Scotia Plan Loan. You could purchase a generator, shutters or the water tank and pump you need and be prepared for anything. *Conditions Apply

Apply today for a Scotia Plan Loan by calling 1-88-4-SCOTIA or visit your nearest ScotiaBank branch.