Financing For SMTEs

The National Export-Import (EXIM) Bank has, to date, approved and disbursed 162 loans valued at some $1.56 billion to 72 beneficiaries, through a loan facility established to provide financing to small and medium tourism enterprises (SMTEs).

Tourism Minister, Hon. Edmund Bartlett, made the disclosure as he closed the 2022/23 Sectoral Debate in the House of Representatives on June 14.

Some $1 billion was earmarked by the Tourism Enhancement Fund (TEF) to provide financing to SMTEs within the tourism sector and Linkages Network as well as manufacturers and suppliers to the industry.

This facility is being managed through the EXIM Bank, which is currently processing an additional $100 million in loan applications as the tourism sector rebounds.

Meanwhile, Mr. Bartlett also disclosed that $200 million was placed with the Jamaica National Small Business Loans Limited to be on-lent to small transportation providers.

“Jamaica National on-lent a total of $900 million to 342 of those small transportation providers. If that wasn’t enough, during the pandemic, as a means of giving support to the group, we offered another $1 million to be on-lent to each of those who had difficulty paying back their loan at zero per cent interest, with a moratorium of eight months,” he noted.