Help For SMEs

Finance Minister Colm Imbert says a $300 million loan facility will be available to Small and Medium Enterprises (SMEs) as part of relief measures to mitigate the economic impact of COVID-19. The Finance Minister made the announcement at Saturday's Virtual Media Press Conference. The facility becomes available next week at the Republic and First Citizens banks. He said the loan will be interest-free and there will be a two-year moratorium on principle payments. The Finance Minister said small businesses that make less than $1 million per year can apply for a $30 million Grant from the National Entrepreneurship Development Company (NEDCO).