The EXIM Bank and The Tourism Enhancement Fund (TEF) has crafted a special loan facility to enable continued growth and sustainable development within the Tourism sector. This is part of the recognition of the significant contribution that members of the Tourism sector and its Linkages make in creating jobs, earning foreign exchange and in economic development.
Features of SMTE Loan Facility
Borrow up to J$25 million at an interest rate of 5% per annum with up to 5 years to repay and up to 12 months moratorium on principal payments.
Get a 5% SMTE Loan to:
- Upgrade or Increase your room capacity
- Enhance & Expand your Attractions, Tours & Events
- Finance Infrastructure Development & Maintenance
Who can benefit?
The SMTE Loan Facility is open to qualified entities within the Tourism Sector, the Tourism Linkages Networks and to Manufacturers and Suppliers to Hotels. Some of the categories covered include:
- Small Accommodations
- Attractions, Domestic Tours, Bike & Car Rentals
- Gastronomy – Coffee shops & Restaurants
- Produce Suppliers to Hotels
- Shopping, Galleries
- Sports & Entertainment
- Manufacturers & Suppliers of goods & services to the tourism sector
How do I qualify for a SMTE Loan?
Businesses must fall in one of the sectors/networks identified and must be in operation for over 2 years to qualify for funding. Applicants must prove that they provide goods/services to the Tourism Sector and that 25% of their revenues are generated from services to the Sector.
Additionally, all applicants must demonstrate that loan funds will enable their operations to contribute to the expansion of local tourism and generate economic growth and sustainable development.
Will I have to provide collateral?
Yes. Acceptable collateral includes all negotiable securities e.g. mortgages on real estate, bills of sale on large saleable serialised equipment, cash hypothecations, assignment of receivables, etc.
Loan Tenure:
Upon meeting the eligibility requirements, beneficiaries can access either Short-Term and Medium-Term loans.
- Short-Term Loans: Get up to 180 days to repay
- Medium Term Loans: Get up to 5 years to repay
Next Step: Contact us for Assistance with your Application: Email:info@crowehorwath.com.jm
Crowe Horwath Jamaica (www.crowehorwath.com.jm) is one of the largest public accounting, consulting, and advisory firms in Jamaica . Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services. Crowe Horwath Jamaica serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
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