Finance Minister Lauds Scotiabank’s Productive Sector Growth Fund

Minister of Finance and the Public Service, the Honourable Audley Shaw, has commended Scotiabank Jamaica on the launch, yesterday (October 12), of its $500 million facility for small and medium sized businesses.
The new facility, the Productive Sector Growth Fund, targets enterprises under two years old with access to loans at an interest rate of 9.95 per cent.
In a commendatory statement to the bank, Minister Shaw stated that the Productive Sector Growth Fund was the type of initiative critically needed in these economically challenging times, and encouraged other lending institutions to be proactive in facilitating growth and stimulating the economy.
“This initiative by Scotiabank is very timely and can be appreciated as a significant private sector led stimulus package for small and medium sized businesses. It also signals that in response to the Bank of Jamaica’s 450 basis point rate reduction over the past months, lending rates in the private sector can be further reduced,” the Minister said.
Mr. Shaw also challenged the commercial banking sector and other players in the financial services sector to continue to open windows of opportunity to small entrepreneurs. He encouraged individuals to make use of such facilities as the Productive Sector Growth Fund. “The time is right for enterprising Jamaicans to put their ideas to work. There are several opportunities existing and emerging in this country, which are conducive to small and medium sized enterprises, particularly in the agricultural, agro-processing, and energy sectors,” the Minister observed.