The Scotiabank Economic Growth Fund:
Creating opportunities for local businesses

Scotiabank is pleased to introduce our Economic Growth Fund, which is designed to drive economic activity, improve competitiveness and create jobs. BBD $50 million in funding is available for eligible small and medium sized businesses to access loans at reduced interest rates as low as 6%. Fees have also been waived.

LOAN PURPOSES

Companies may borrow for:

• Acquisition of new/used capital equipment (including vehicles) for business use.
• Reengineering or retooling of production processes.
• Retooling of business facilities.
• Modernising of technology for business use.
• Energy efficiency solutions (such as solar, LED and water tanks).

ELIGIBLE BUSINESSES & BORROWERS

Companies may borrow for:

• Businesses involved in manufacturing, export, professional services, transportation, distribution (wholesale and retail), and green energy services are eligible to apply for funding.
• Exclusions: Speculative investments, start-up ventures and applicants with a history of bad debt are not eligible to apply.

LOAN AMOUNTS

Businesses will be able to access a minimum loan amount of BBD $50,000 and a maximum of BBD $4 million.

LENDING CRITERIA

Businesses applying to the fund should provide the following:

• Business proposal (including adequate information to support the commercial viability of the project, cash flow projections (monthly for the first year and annually thereafter for at least three years).
• Audited financial statements for the last three financial years and in-house financial statements no more than four months old. Accountant prepared statements will be sufficient for small business applications.
• Evidence of current payment of statutory obligations such as Tax Clearance Certificates.
• Information on the source and amount of the equity injection involved in the proposal.
• Information on the capacity, capabilities, business and technical competence, and experience of the management/principals.
• Evidence of the licenses, permits and approvals required to conduct the business activity being in place where applicable.
• Credit references as appropriate.

GENERAL TERMS & CONDITIONS

• Borrowers will have up to 15 years in which to repay with any principal moratorium no longer than 12 months.
• Facilities will be secured with tangible collateral. Loan facilities will be fully guaranteed by the principal unless readily realizable collateral is provided.
• A minimum equity injection may be required.
• Loans will be offered in Barbados dollars.
• Access to the facility will be conditional upon Scotiabank becoming the lead bank of the borrower.
• Applications along with all relevant information must be received by November 30, 2015.
• The maximum drawdown period for any approved loan is six months.
• The program will be administered by the Bank.
• In the event that the borrower requires more than that which is available under the Fund, the Bank can deal with the application on the basis of the full amount required with the difference being accommodated by way of other regular funding sources.
• Normal credit criteria will apply.

Contact your Banking Officer or Relationship Manager at any Scotiabank branch, or call 246-426-7000 to ask about the Scotiabank Economic Growth Fund.