Ministry of Finance MINISTER Allyson West said government-guaranteed soft loans offered by banks will be available from Monday. The government has allocated $ 300 million for this facility.
Speaking to Parliament on Friday, Finance Minister Colm Imbert said the loans would be offered through First Citizens Bank and would be interest-free, with a two-year moratorium.
He said the loans would target small and medium-sized enterprises (SMEs) with annual gross revenues of between $ 1 million and $ 20 million, and the funds were to be used for salary payments, working capital and purchasing. of raw materials.
He said that for SMEs with annual revenues of less than $ 1 million, NEDCO will be mandated to operate a grant facility with an allocation of $ 30 million.
West said SMEs can also access loan facilities through credit unions, where the government has provided $ 100 million for loans to SMEs. She said business owners can get soft loans from credit unions with moratoriums on repayment.
Speaking during the CANTO Conversations: A Ministerial Perspective virtual webinar During covid19, West said the government appreciated that the lockdown and the impact had a deleterious impact on SMEs in particular. She said the focus is on reopening businesses so they can rehire as many people as possible.
“We will continue to examine what kind of support is needed to move forward, because what we want is to come out with strong operational companies that engage our population in full employment, so we will provide the necessary support to move forward. get us out there.