Small and Micro Tourism Enterprises to Get More Financial Support

The Tourism Enhancement Fund (TEF) and the Export Import (EXIM) Bank of Jamaica are finalising a Memorandum of Understanding (MoU), which will allow operators of Small and Micro Tourism Enterprises (SMTEs) to access increased banking support.

This was noted by Minister of Tourism, Hon. Edmund Bartlett, during his presentation in the 2016/17 Sectoral Debate in the House of Representatives on June 14.

Under the agreement, SMTE operators will be able to access up to $25 million at a five per cent interest rate, over five years.

Mr. Bartlett said this is in line with his proposal for a formal framework for well-needed banking support for operators in the sector.

Additionally, the Minister said the TEF is also in dialogue with the Jamaica National Building Society to solidify plans for the development of a National Community Tourism Revolving Loan Scheme.

Under this arrangement, community tourism entities will be able to access up to $2 million at three per cent interest for up to five years.

The Minister said an MoU is also to be signed for the Scheme in the coming weeks.

“Our initiatives are in line with this new administration’s growth agenda and are reflective of what exist in other major tourism markets, including the Dominican Republic, which has a successful model,” Mr. Bartlett said.