$750 Million Disbursed to 35 SMTEs

Approximately $750 million has, to date, been disbursed to 35 small and medium tourism enterprises (SMTEs), under the National Export-Import (EXIM) Bank’s revolving loan scheme.

The businesses were selected from 51 completed applications totalling $941.1 million that the Bank received up to November 2018, Tourism Minister, Hon. Edmund Bartlett has said.

He was making his 2019/20 Sectoral Debate presentation in the House of Representatives on April 30.

Mr. Bartlett indicated that the scheme, for which the Government provided $1 billion for on-lending to SMTEs at an interest rate of 4.5 per cent, supports entities deriving at least 35 per cent of its revenue from tourism-related engagements.

The facility is designed to enable SMTEs to tap into the tourism linkages value chain, incorporating activities in: gastronomy, health and wellness, sports and entertainment, knowledge and shopping.

“The loan is offered at a maximum of $25 million and a minimum of $5 million, and the repayable period is five years,” the Minister added.

Meanwhile, Mr. Bartlett advised that a private-sector-supported $100-million loan facility being provided by the Ministry to small tourism transport operators has been increased to $200 million

“We have increased that so that more of our small transport providers can have funding of up to $4 million, up from the $3 million that it was, at the same rate of five per cent over five years,” he noted.