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Scotiabank to offer new discounted loan facility to SMEs

Published:Friday | August 22, 2014 | 12:00 AM
President & CEO of Scotia Group Jamaica, Jacqueline Sharp. - File

Scotiabank Jamaica announced an upcoming discounted loan facility for the small- and medium-enterprise (SME) sector to be launched at the start of September.

The $500-million loan facility is part of the bank's celebration of its 125 years in Jamaica.

"We felt that this loan facility was critical to assist in getting Jamaica growing again," said Jacqueline Sharp, president and chief executive officer of Scotia Group Jamaica.

The facility will provided "discounted financing to SMEs seeking to expand their company or purchase new equipment as they look to heighten operational efficiencies and competitiveness," she said.

No other information on the rate or other details were disclosed.

Scotiabank's MSME alliance fund currently lends up to $5 million at lower than base interest rates ranging from 8.625 per cent to 12.124 per cent per year. The loan is available to registered members of The MSME Alliance group, for the purpose of improving business operations.

As a part of the 125th anniversary celebrations, the bank will also be partnering with various Outreach Centres to implement training programmes at a value of $3.25 million.

The programme "will assist our young adults in ensuring they are prepared with the necessary skills set to effectively support their families and become financially independent," Sharp said.