Tourism Enhancement Fund Loan
Since its establishment in the year 2000, JN Small Business Loans Limited (JNSBL) has disbursed 274,393 loans valued at approximately $13 Billion. In addition to its suite of easy-to-access products, the company strengthened its relationship with the Tourism Enhancement Fund in February 2011, launching a new loan product targeted at suppliers to the tourism industry. The new TEF loan provides access to funding of up to $5 Million to industry participants.
TARGET BENEFICARIES
The Tourism Enhancement Fund (TEF) Loan Scheme is specifically designed for individuals, partnerships and companies, (including new businesses) with a minimum of 30% of their businesses committed to providing goods and services to the Tourism Sector*. Principals of the business must be permanent residents of Jamaica.
The Tourism Enhancement Fund (TEF) Loan Scheme is specifically designed for individuals, partnerships and companies, (including new businesses) with a minimum of 30% of their businesses committed to providing goods and services to the Tourism Sector*. Principals of the business must be permanent residents of Jamaica.
- Maximum loan amount - $5,000,000.00
- Interest rate – 5% per annum on the reducing balance
- Maximum term – 5 years
- Moratorium of up to six months on the principal
EQUITY
The business must demonstrate an investment of at least 50% of the request for financing. This investment may take the form of physical assets, financial capital or “sweat equity”
COLLATERAL
Guarantee of Directors PLUS any of the following:
• First charge over assets purchased with loan funds
• Guarantee of Directors
• Charge over real estate
• Charge over motor vehicle and/or non-specialized equipment
• Charge over any other assets owned by the applicant
TERMS AND CONDITIONS
• Businesses must be in operation for at least 12 months and be profitable, viable and tax compliant
• Businesses must be properly registered in Jamaica as a sole trader, company or partnership
• Businesses must have all the necessary licenses and permits to operate in the Tourism Sector
• Real estate and equipment being used as collateral must be supported by valuation reports that are not more than one year old. Total charge on real estate (1st and/or 2nd mortgage) should not exceed 70% of valuation of commercial properties and 80% of valuation of residential properties
• A valuation report, not more than three months old, must be presented where a motor vehicle is to be used as collateral.
• Any motor vehicle being used as collateral must be comprehensively insured and remain so for the duration of the loan.
• Pro-forma invoices must be provided for items to be purchased
NEW BUSINESSES WILL REQUIRE THE APPLICANT TO HAVE:
• A Business Plan*
• A clearly established market for the goods and services being offered to the sector
• Prior experience in the business to be pursued by the applicant
• A satisfactory banker’s report
UHY
Dawgen operates from 4 strategic locations in Jamaica and can assist you.There are five easy ways
to contact us. Simply call, email, fax, write or just stop by.
Unit
34, Winchester Business Centre, 15 Hope Road,
Kingston
10, Jamaica, West Indies
Telephone:876-9084007/7542074/
9064827
(International No.USA)
937-7-DAWGEN(937-7329436)
Fax:7540380
Email:info@dawgen.com
BRANCHES
§ Montego Bay,St. James
Shop
EU6, Whitter Village, Ironshore, St. James
Telephone:
876-876-9533793/953-8486 Fax: 953-3058/7540380
Email:infobranch@dawgen.com
§
Ocho Rios, St.Ann
Shop
C1, 101Main Street, Ocho Rios, St.Ann
Telephone:
974-5373/9748772 Fax: 754-0380
Email:infobranch@dawgen.com
§ Mandeville, Manchester
Shop L1 & K1,Grove Court Plaza, 16 Park
Crescent, Mandeville, Manchester
Telephone:
962-6369 Fax: 754-0380 Email:infobranch@dawgen.com
UHY
Dawgen is a member of UHY, an international association of independent
accounting and consulting firms, whose organising body is Urbach Hacker Young
International Limited, a UK company. Each member of UHY is a separate and
independent firm. The services described herein are provided by UHY Dawgen and
not by Urbach Hacker Young International Limited or any other member of UHY. Neither Urbach Hacker Young International
Limited nor any member of UHY has any liability for services provided by other
members
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