The Minister of Finance, Colm Imbert has introduced that the promised loans for small and medium-sized companies will come on stream from subsequent week.
In as we speak’s digital media convention, Imbert says the loans, which carry a complete of $300 million will probably be out there by means of at the very least two banks from subsequent week, however curiosity from different banks can be being thought-about.
“I am told that the other two banks; Scotia Bank and Royal Bank have indicated willingness to join the programme so that if all goes according to plan, the four main commercial banks will be participating in this guaranteed loan programme but it will still start off with First Citizens and Republic Bank,” he mentioned.
The federal government intends to pay all of the curiosity on the loans. These accessing them may have a two-year grace interval earlier than they’ve to start repaying the loan.
Qualifiers for this loan are these enterprises with an annual turnover of between $1 million and $20 million. Companies with lower than $1 million turnovers will probably be recipients of a grant programme.
“It’s a $30 million grant programme which we are now finalising with the National Entrepreneurship Development Company (NEDCO),” he defined.
Info on each the grant and the loan facility will probably be revealed in all of the day by day newspapers.