EXIM Bank Disburses Loans Valued at $1.89 Billion To SMTE Sector

The National Export-Import (EXIM) Bank has approved and disbursed loans valued at some $1.89 billion to 293 beneficiaries in the small and medium-sized tourism enterprise (SMTE) sector.

Minister of Tourism, Hon. Edmund Bartlett, made the disclosure while opening the 2023/24 Sectoral Debate in the House of Representatives on Tuesday (April 18).

The loans, arranged by the Tourism Enhancement Fund (TEF), are facilitated by the EXIM Bank so that business operators in the sector and Linkages Network have adequate access to financing of up to $25 million.

“Small hoteliers, the person with a little Airbnb, can come and borrow at the lowest interest rate at the time [of] 4.5 per cent over five years. They can go and refurbish and fix up their little place, so that they can be asserted properly in the value chain of tourism,” Mr. Bartlett said.

Meanwhile, the Minister said 437 beneficiaries, to date, have received financing valued at some $983 million, through the Jamaica National Small Business Loans Limited.

“During the pandemic, we were able to reduce the interest rate to zero per cent, so that they were able to operate and survive,” Minister Bartlett noted.