The ScotiaMSME Alliance Fund allows qualified members of the MSME Alliance to access funds for their existing business.

The MSME Alliance currently consists of 22 member associations, including the National Association of Hairdressers and Cosmetologists, Hardware Merchants Association, Jamaica Wood Products and Furniture Association and the National Association of Taxi Operators. To qualify for funds under this programme, members must participate in and receive a credit rating from the ERMFP¹.

Qualified Projects

A business loan from the ScotiaMSME Alliance Fund will allow you to:

• Secure new capital equipment.
• Secure day-to-day working capital
• Purchase inventory.
• Cover short-term cash needs and accounts receivable.
• Build business management capacity.

Maximum / Minimum Loan Amounts

The maximum loan which will be granted is J$5 million and the minimum is J$1 million, per business.

Lending Criteria

Loans to qualified members will be approved under the following criteria:

• The rate of the loan will be based on the ERMFP¹ rating received.
• The loan is intended for borrowers who are classified as small or medium sized businesses. Businesses should not have more than 25 employees and J$105 million in annual revenues.

Interest Rates

The interest rate is fixed and ranges from 8.625% to 10.875%, depending on the risk profile.

Terms

The maximum term for loans granted under the Fund is 5 years.

To find out more:

Speak with a Business Banking Officer at your nearest Scotiabank branch, or call our Contact Centre.

Apply today!

General Conditions

¹ The ERMFP (Enterprise-wide Risk Management and Financial Programme) is an entrepreneur-friendly support programme primarily dedicated to assist Micro, Small and Medium sized (MSME) businesses to become established, sustainable or upgraded to high growth mode. The programme seeks to reduce credit default risk and simultaneously provide capacity building assistance to facilitate this growth.