Effective today (October 1) EXIM Bank will offer new lending rates of 10 to 11.5 per cent for Jamaican dollar loans and 7.5 to nine per cent for US dollars loans. The new rates represent up to a two percentage point drop.

For the last 12 years EXIM Bank has kept the rate consistently at 12 per cent in keeping with the customers’ needs. In comparison to the average 30 per cent lending at that time; while for the US dollar loans, the rates were eight to ten per cent. Managing Director, Lisa Bell says “EXIM Bank has consistently responded positively to the demands of the productive sector and we are seeking creative financial solutions for this very important sector in our growing economy.”

She added, “EXIM in realizing the challenges to grow and develop businesses in the productive sector sees it necessary to adjust its rates based on the needs of the stakeholders in order to help them to develop a competitive advantage for their products in the global marketplace. “

Interest rates on loans accessed through the Bank’s Approved Financial Intermediaries have also dropped by one percentage point to 11 per cent per annum.  EXIM’s approved financial intermediaries include major commercial banks, merchant banks and money market brokers across the island.

There is a special window now in place for SME energy loans involving renewable energy projects at 9.75 per cent for Jamaica dollar loans, and which start at 5.63 per cent for US dollar loans for Jamaica dollar loans.

Diverse pool of funds

The Bank is also reporting an additional amount of 1.2 billion Jamaican dollars of new money, with an ambitious loan utilization target of 6.6 billion dollars to end of financial year 2011 (March 2011). This represents an approximately 27 per cent increase over the 5.2 billion dollars achieved at year end March 2009.

About EXIM Bank

EXIM continues to focus on the needs of its growing customer base; utilising our best efforts to secure low cost funding, improve our customer service offerings, respond to the specifics of our customers’ needs and harness technology to improve efficiencies within the bank.