Small Hotels to Benefit from $100 Million Fund


Owners of small hotels and attractions can now benefit from a $100 million ‘Spruce Up Jamaica Entrepreneurial Fund’, which is a special programme to provide technical assistance and financing for small properties and enterprises.
The main purpose of the programme, which is the latest initiative by the Ministry of Tourism, in partnership with the JN Small Business Loans Limited, is to undertake product enhancement and upgrading of small entities, marketing, operational and administrative improvement, such as accounting systems and development of management techniques.
Under the programme, a maximum of $3 million will be allocated to each small property and is repayable over a 60-month period at an interest rate of three per cent per annum. Promissory notes supported by guarantees of each entity’s Directors will be accepted as collateral.
Speaking at the launch of the Fund on July 9 at the Ministry of Tourism, portfolio Minister, Edmund Bartlett noted that, “this initiative is to ensure that communities as well as small and medium enterprises within the tourism industry are given an opportunity for development and for them to play their part in driving job creation as well as providing the income flows for communities and the economy.”
A unique feature of the programme, the Minister informed, is that property owners can use up to one third of the loan available for paying off tax arrears.
“We want our small entrepreneurs to shoulder their responsibility in providing the revenues for this country and we are saying in tourism, you must pay your tax,” Mr. Bartlett stressed.
The overall programme, he noted, “is about providing loan support for the development of the creative talents of the people in the communities – the small hoteliers, small attractions’ proprietors and those with ideas – to convert them into material value that can provide earning and income for them.”
The initiative is a part of the ‘Spruce Up’ Jamaica programme, which is an initiative of the Ministry, focusing on forging creative partnerships among the public and private sectors and the community.

JIS Social