Continuing its dedication to the enhancement of The Bahamas’ Small and Medium-sized Enterprise (SME) sector, Scotiabank (Bahamas) has introduced a new fund that will offer an avenue for expansion and growth – especially for businesses that were negatively affected by the COVID-19 pandemic.
As a demonstration of further support, SMEs are also being invited to participate in the Bank’s month- long ‘go digital’ campaign which will offer a series of live webinars for business owners to receive insights from leading industry and financial experts on how they implement digital solutions to improve operational efficiency .
“These past two years have been very difficult on small and medium-sized enterprises in The Bahamas, due to the COVID-19 pandemic. We are committed to playing our role in the economic recovery of the country and to support the business owners that have had to find ways to reinvent themselves to remain viable,” said Na-amah Barker, Director, Retail Banking. “We are doing this through funding and capacity building opportunities,” Barker noted.
Until May 31, 2022, eligible owners of SMEs may access loans through a $5M recovery fund at a special rate of seven percent, to assist with getting their businesses back on track. Successful applicants will also receive up to three months moratorium on principal payments and a full waiver on application fees.
Eligible applicants should be Sole Proprietors, Partnerships, Incorporated companies. All entrepreneurs should be creating value and driving economic growth. Further, SMEs should have less than 500 employees and an annual turnover of up to $4M. The business must have been in operation for a minimum of three years, with good credit history.
Each customer will be allowed to receive a minimum of $10k and a maximum up to $125k from the fund.
On March 22nd and 30th, the Bank will be hosting webinars for its SME customers to educate them on technology solutions offered by Scotiabank, which can be used to drive business efficiency. To register for the sessions, customers should contact their business banking officer to receive access credentials.