Exim Bank disburses $1.9 billion to local tourism enterprises

This was disclosed by Minister of Tourism, Hon. Edmund Bartlett, during a recent interview with JIS News.

The Minister informed that there were 303 beneficiaries.

“This is how tourism is inclusive and brings the ordinary Jamaican into its rich and valuable value chain,” he said.

The SMTE loan facility was crafted by the Tourism Enhancement Fund (TEF) and is being facilitated through the EXIM Bank. It was designed to build resilience and expand the capacity of SMTEs.

Through this loan, business operators in the sector have access to financing of up to $25 million at an interest rate of 4.5 per cent for five years.

“This is perhaps one of the most generous credit arrangements anywhere in the region,” said Minister Bartlett.

Meanwhile, the Minister informed that 437 beneficiaries have received financing valued at $983 million through another TEF loan facility being administered by the Jamaica National Small Business Loans (JNSBL).

Mr. Bartlett indicated that this loan facility, which is primarily focused on the transportation subsector, offers beneficiaries a maximum of $5 million at five per cent interest per annum.

“So, the small JUTA (Jamaica Union of Travellers Association), JCAL (Jamaica Co-operative Automobile and Limousine Tours Ltd.), Maxi Tours and the ordinary taxi man can have an opportunity to refresh their rolling stock and to remain crisp and fresh for not just visitors but locals alike,” he added.