$650 Million Disbursed to Small Businesses Under $1 Billion NIF Credit Facility


Some $650 million, out of an allocated $1 billion, has been disbursed from the National Insurance Fund (NIF) credit facility to assist small and medium enterprises.
Minister of Labour and Social Security, Hon. Pearnel Charles, making the disclosure as he opened the 2009/10 Sectoral Debate in the House of Representatives yesterday (June 23), said that 371 businesses have benefitted from assistance, with 2,810 jobs created or sustained.
He informed that the balance of $350 million will be used to target displaced workers. The funds will be made available through participating financial institutions, which will conduct their own due diligence.
“These institutions will bear the credit risk for the loans,” he said, noting that all beneficiaries must be registered under the National Insurance Scheme (NIS).
It is projected that more than 1,000 jobs will be created through the assistance to the small business sector.

JIS Social