SAINT LUCIA DEVELOPMENT BANK IS THE OFFICIAL DISBURSEMENT AGENCY OF THE MSME LOAN-GRANT AN EC$10 MILLION-DOLLAR FACILITY AIMED AT PROVIDING POST COVID-19 PANDEMIC RELIEF TO REGISTERED MSMES. IT IS A COMBINATION OF 70% GRANT AND 30% LOAN FUNDING AT AN ATTRACTIVE INTEREST RATE OF 3% WITH MINIMUM COLLATERAL REQUIREMENTS.
The Ministry of Commerce, Manufacturing, Business Development, Cooperatives and Consumer Affairs issues its first call for applications for the Micro Small Medium Enterprise (MSME) Loan-Grant Facility on Monday, 20th March, 2023. The MSME Loan-Grant is an EC$10 million-dollar facility aimed at providing post COVID-19 pandemic relief to registered MSMEs. It is a combination of 70% grant and 30% loan funding at an attractive interest rate of 3% with minimum collateral requirements.
Further to the role of disbursement agency, SLDB is tasked with efficiently actioning the preparatory aspects of the loan process. This includes but is not limited to advanced credit checks and due diligence, the preparation and processing of bills of sales as well as loan administration and recovery.
Applications can be obtained online via the Ministry of Commerce’s website (www.commerce.gov.lc). Alternatively, physical (paper) application forms can be picked up at the Ministry of Commerce. Please note:
Prospective businesses may qualify for funds up to $10,000, while businesses in existence no more than two years can seek up to $20,000 in funding. Businesses in existence for over two years can access up to $25,000. Priority areas include Manufacturing (e.g. agro-processing), Agriculture, Agro-tourism and Services (Beauty and Wellness, Creative Industries, ICT and Professional Services). Accommodation and non-profit businesses do not qualify under this facility.
For more information, contact the Ministry’s Small Enterprise Development Unit (SEDU) at 468-4218 or 468-4223.