Managing Director of EXIM Bank Lisa Bell says the bank’s Small and Medium-sized Tourism Enterprises (SMTE) loan still has roughly $600 million left for businesses to borrow. 

Speaking on MoneyMovesJa Bell said that the fund has been very successful in the years since its launch.

The SMTE allows SMEs in the tourism industry to access up to $25 million at an interest rate of 4.5% per annum with up to seven years to repay.

The special loan facility was crafted by the Tourism Enhancement Fund and provides funding to businesses in several categories of tourism service providers including; small accommodations providers, attractions such as domestic tours, bike and car rentals, coffee shops and restaurants, shopping and galleries, sports and entertainment.

“The good thing is the fund is a revolving fund, so the people have borrowed and they have paid back,” Tourism Minister Edmund Bartlett said.

Bartlett and Bell were both presented at the 6th annual Jamaica Blue Mountain Coffee Festival.

Bell noted that the tourism industry plays a large role in Jamaica’s economy and is filled with a lot of big players. She said that the SMTE loan helps smaller businesses expand their tourism presence which in turn benefits the economy. 

“So, we’re encouraging SMEs to come to us. Whether it is that they need to recapitalise, build out or change their equipment or they need working capital support. We want to ensure that these funds are used for productive purposes,” she said. 

To qualify for the loan businesses must have been in operation for at least two years and prove that they provide goods or services to the tourism sector and that 25% of their revenues are generated from services to the sector.