Scotiabank 125th Anniversary Loan Fund

In celebration of our 125th Anniversary in Jamaica, we are pleased to announce Scotiabank's 125th SME Loan Fund of $500 million to provide support to Jamaica's productive sector and encourage the growth of Small Medium Enterprises.

Loans will be made to Jamaican businesses in the productive sector, with the aim of stimulating employment, generating exports, and replacing imports.

INTEREST RATES
Secured: 9.50% p.a.
Unsecured: 11.50% p.a. (unsecured).

GENERAL TERMS

  • Maximum tenor: five (5) years, with any principal moratorium not exceeding one (1) year
  • Repayment: monthly or quarterly depending on cashflow.
  • Minimum equity injection: 15%
  • Denomination: Jamaican dollar only
  • Normal credit criteria will apply
  • Application approval process subject to the Bank's normal credit and security standards

DURATION OF FUND
Deadline for submission of Application: March 31, 2015.

TERMS SPECIFIC TO THE 125TH ANNIVERSARY FUND:
Amount: Five Hundred Million Jamaican Dollars (J$500 million)
Maximum/Minimum Jamaican dollars fifteen million (J$15 million)
Lending: secured Jamaican dollars two million (J$2 million) unsecured.
Type of Entity: Borrowers must be private sector businesses with no more than US$4 million in annual revenues

FEES
Discount on Commitment Fee and Waiver of Review Fees*.

ELIGIBLE INDUSTRIES & BORROWERS
Businesses involved in manufacturing, agro-processing, tourism, and creative industries.

ELIGIBLE PURPOSES

  • Acquisition of new/used (preferably not older than 3 years but subject to industry standards) capital equipment for business use
  • Re-engineering of production processes
  • Retooling of business facilities
  • Modernization of technology for business use
  • Installation of alternate energy solutions
  • Medium term working capital needs for eligible industries/borrowers

REQUIREMENTS

  • Business proposal (including adequate information to support the commercial viability of the project)
  • In-house/Accountant Prepared/Audited financial statements for the last two financial years (where applicable)
  • Evidence of up-to-date payment of statutory obligations such as Tax Compliance Certificates, property tax receipts
  • Letter of Good Standing.
  • Acceptable credit references where applicable.
  • Evidence of the licenses, permits, approvals required to conduct the business activity (where applicable).

We are pleased to be able to show our gratitude and support to Jamaican businesses in this manner.

*Conditions Apply

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