JULY 26, 2021:- Micro, Small, and Medium-sized Enterprises (MSMEs) who were adversely affected by Covid-19 now have an added avenue for relief from its effects.
Grenada Development Bank (GDB) in partnership with Government of Grenada introduces the MSME COVID-19 Support Fund Facility. This loan financing instrument would allow affected MSMEs to obtain a maximum of three hundred thousand dollars ($300,000) at 1% interest rate.
According to General Manager of the GDB Mr. Mervyn Lord, this new support fund is the most recent in a number of COVID-19 relief methods implemented since the onset of the pandemic. He says the Bank heard the cries from the entrepreneurs; as an institution rooted in development and with the financial support of the Government of Grenada, the most appropriate response was action.
He continued saying, the facility is a remedial option specifically tailored to MSMEs providing them relief in the form of soft loan financing which can be used for working capital, property upgrades, training and renewable energy and energy efficiency initiatives just to name a few.
Applicants, in order to benefit must meet the necessary terms and conditions which include being NIS registered and tax compliant.
Beneficiaries of the COVID-19 Support Fund Facility can receive a maximum of $300,000 at an interest rate of 1% with a loan term of up to 12 years.
Entrepreneurs concerned about meeting the security requirements can be considered under the guarantee options available from the Eastern Caribbean Partial Credit Guarantee Corporation, implemented with the aim of augmenting the loan security available to small businesses.