Gov't working on funding support for small hotels
Tourism Minister Edmond Bartlett says the government is moving to provide funding support to small players in the tourism sector who are finding it difficult to get capital from banks and other lending institutions to invest in their businesses.
According to Bartlett, the players are crucial to Brand Jamaica experience by tourists.
He says the tourism ministry is in discussions with the EXIM Bank with a view to having a Memorandum of Understanding to provide small- and medium-size hotels with loans of up to $25 million at five per cent interest, over five years.
The tourism minister also says the ministry is working towards a similar funding agreement to other stakeholders in the tourism sub-sectors such as transportation.
He said the initiatives are in line with the government’s growth agenda to boost investment.