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$ 300 million in SME loans through First Citizens, Republic Bank loan

Finance Minister Colm Imbert has announced that loans pledged for small and medium-sized businesses will take effect from next week.

At today’s virtual press conference, Imbert said the loans, totaling $ 300 million, would be available from at least two banks starting next week, but the interests of other banks are also taken into account.

“I’m told the other two banks; Scotiabank and Royal Bank have indicated their willingness to join the program so that if all goes as planned, the four major commercial banks will participate in this secured loan program, but it will always start with First Citizens and Republic Bank, ” did he declare. .

The government intends to pay all interest on the loans. Those who access it will have a two-year grace period before they have to start repaying the loan.

Companies with an annual turnover of between $ 1 million and $ 20 million are eligible for this loan. Companies with a turnover of less than $ 1 million will be beneficiaries of a grant program.

“This is a $ 30 million grant program that we are currently finalizing with the National Entrepreneurship Development Company (NEDCO),” he explained.

Information on the grant and the loan facility will be published in all daily newspapers.

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