Target Audience:
The MSME Relief Fund would target all MSMEs but specifically those affected by COVID-19 as well as new businesses that are emerging as a result of the pandemic.
Eligibility:
1. Business owners must have Grenadian citizenship
2. Applicants must be tax compliant and have a tax clearance certificate.
3. Applicants must also be compliant with NIS
4. Proposed projects submitted for consideration are required to be aligned with the Bank's Gender Policy
For Tourism facilities applicants must meet the following additional criteria:
1. Properties must be small indigenous boutique hotels with 50 rooms or less, with a minimum of 80% of the room stock reserved for traditional hotel operations.
2. Applicants must be licensed/registered with the Grenada Tourism Authority (GTA) and registered and compliant with NIS
3. Proposed upgrades should include initiatives to ensure that the property meets the minimum standards as established by the Grenada Bureau of Standards.
Use of Funds:
• Working capital including payroll and operating expenses.
• All costs associated with the introduction of new or diversification of existing products or services due to opportunities created by COVID – 19 and the required plant, tools and equipment.
• Legal Fees
• Upgrading the existing property, factory or facility (including furnishings, fixtures and fittings, appliances, equipment, etc.)
• Marketing
• Training
• Adoption of Green Initiatives
• COVID adaptation initiatives (for example installing hand sanitising)
• All Start-up costs for businesses that will assist the country in building resilience against international shortage and shocks. Debt consolidation where significant relief can be created for the business as assessed by the Board of Directors.
Financing Terms:
1. The maximum amount that can be accessed per applicant is XCD $300,000 which may be accessed through more than one loan.
2. The loan(s) will be administered at an interest rate of 1% per annum
3. The repayment period will be up to 12 years with a grace period of 3 years from the approval date
4. The fund would provide up to 100% project financing and consideration can be given to a maximum of $50,000 secured with a personal guarantee.
Security: