Small and Medium Tourism Enterprise (SMTE) Operators to Access JA$200M Loan Funding In 2019/2020
The Jamaican Government is to increase access to loan funding for Small and Medium Tourism Enterprise (SMTE) operators, to expand and improve their businesses.
Making the disclosure, Tourism Minister, Hon. Edmund Bartlett, said SMTEs are to benefit from additional funds through the Jamaica National Small Business Loan Limited, as the Government will be providing $200 million in the 2019/2020 fiscal year to assist the entities.
“We had an arrangement with the Jamaica National Small Business Loan Limited and as Minister I allocated $100 million then for on-lending to Small Tourism Enterprises, primarily the transportation sector and the small hotels. The good news is that in the next budget (2019/2020), we are proposing to double what we allocated at the Jamaica National,” he said.
The Minister was responding to questions at a press conference at the 2nd Global Conference on: ‘Jobs and Inclusive Growth: Small and Medium Tourism Enterprises (SMTEs)’, on January 29, at the Montego Bay Convention Centre, Rose Hall, St. James.
Minister of Tourism, Hon. Edmund Bartlett, responds to questions at a press conference at the 2nd Global Conference on: ‘Jobs and Inclusive Growth: Small and Medium Tourism Enterprises (SMTEs)’, on January 29 at the Montego Bay Convention Centre, in Rose Hall, St. James.
In the meantime, Mr. Bartlett informed that some 70 SMTEs have benefited from loans drawn from a pool of $1 billion through a structured programme between the Tourism Enhancement Fund (TEF) and EXIM Bank.
The Minister said beneficiary companies are reporting that the loans have helped to significantly improve the capacity of their businesses.
The MoU for the EXIM Bank to administer the revolving loan scheme and make disbursements to successful applicants was signed on September 21, 2016.