The Saint Lucia Development Bank receives a new line of credit from the Caricom Development Fund (CDF).
General Loan Terms
- A maximum amount of up to three hundred thousand dollars (EC$300,000) with loan terms consistent with the SLDB’s approved lending guidelines.
- Fixed interest rate of up to 8.5%.
- A maximum loan term of up to fourteen years (14 years).
Purpose of Funds
Funds disbursed under this new line of credit can be used to
- Improve Firm Competitiveness
- Upgrade/replace plant and equipment
- Re-tool/ retrain the workforce
- Fund project development or innovation
- Achieve ISO or HAACP standards/certification
- Improve marketing or carry out market assessments in CARICOM markets with a view to introducing or increasing the trade in goods/services to those markets.
- Finance projects in the services sector, including the “creative industries”.
Loans must be applied to the target groups/entrepreneurs in the following areas
- Environmental Conservation
- Projects with Foreign Exchange Savings/Generation potential
- Organic farming and “Green” Projects
- Alternative Energy
- Cultural Arts
Loans must not be made for the purchase of land and/or existing buildings (save and except for cases for expansion as part of a wider project where the land/building in question abuts or surrounds the project location) working capital, refinancing, equity investments.
As a special matter, working capital loans will be permitted under this line of credit only to finance studies pertaining to environmental and greening matters and software and inventory for the “creative” and “green” industries.