MSMEs to Access Loans at Very Low Interest Rate

  • Owners of micro, small and medium-sized Enterprises (MSMEs) will soon be able to access loans for their businesses with help from the Government, at 4.75%, one of the lowest interest rates that will be available on the market.
  • This was announced by Minister of State in the Ministry of Industry, Commerce, Agriculture, and Fisheries, Hon. Floyd Green, at a workshop, dubbed: ‘Time for Growth: Unlocking the Power of the SME’, at the Terra Nova All-Suite Hotel in St. Andrew, on Wednesday, July 3.
  • “The Government is now unveiling a new facility. We’re seeking to go to $600Mn [in funds to lend entrepreneurs]. We’re going to start with $400Mn that will be given to the EX-IM Bank to lend in the micro, medium and small enterprise sector, largely focusing on our manufacturers,” he said.
  • Green said local manufacturers have complained that the current interest rates are high, and this is a major reason the Government has looked into offering these loans at special interest rates.

 (Source: JIS)