SMEs Affected by Hurricane Urged to Take Advantage of EXIM Bank’s Loan Facilities

• The National Export-Import Bank of Jamaica (EXIM) is encouraging business operators affected by Hurricane Melissa, particularly small and medium-sized enterprises (SMEs), to take advantage of its loan facilities.
• Manager of Loan Origination and Business Development, Hopeton Nicholson, said that the Bank continues to provide traditional lending to assist its clients affected by the hurricane in their recovery efforts.
• EXIM Bank provides traditional loan products focused on export development, trade financing, and SME growth, often with lower collateral requirements than commercial banks. These include short-term working capital (up to 180 days), medium-term loans for SME expansion, and foreign currency lines of credit for raw material importation. Among the products is the E-Commerce Funder, which is used to develop, upgrade or expand e-commerce infrastructure. The loan limit is $1.00Mn to $5.00Mn at a 5.0% interest rate (fixed), and the loan term is five years. No collateral or financial statements are required.
• There is also a Solar Energy Loan is designed for SMEs seeking to reduce energy costs, improve efficiency, and strengthen cash flow. It offers up to 85% financing, with loan amounts ranging from $5.00Mn to $50.00Mn at a fixed interest rate of 7.50%. The maximum repayment term is seven years.
• For exporters, the Bank offers a Modernisation Fund, Trade Credit Insurance (TCI), and the Insurance Policy Discounting Facility. The Modernisation Fund is for the acquisition of capital for retooling, refurbishing and upgrading facilities and equipment. The loan limit is $5.00Mn to $90.00Mn with a loan term of up to five years. The Insurance Policy Discounting facility provides crucial collateral support that enables businesses to access working capital, while the TCI coverage is designed to protect exporters against non-payment by covering commercial and political risks on gross invoice values.

(Source: JIS)