SCOTIABANK has revealed an interest rate of 9.5 per cent per annum for its new $500-million small and medium enterprises (SMEs) loan fund.
The fund, which was opened last month, will enable borrowers to access up to $15 million secured, and $2 million unsecured, with a maximum of five years to repay.
When the fund was launched in August, Scotiabank Jamaica President and CEO Jacqueline Sharp told the Jamaica Observer that while the bank was still figuring out how low to set the rate, it was expected to be less than the 12 to 14 per cent typically offered on loans.
The credit facility also makes provision for borrowers to access unsecured loans at an annual interest rate of 11.5 per cent.
Published in the Jamaica Observer
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