Scotiabank launches $3b loan fund for women – CARICOM Business

(Photo via Scotiabank)

Scotiabank Jamaica has set aside $3 billion as loan financing for women entrepreneurs.

Under the Scotiabank’s Women Initiative, the bank will bundle loans to female operators of small & medium-sized businesses, with training, advisory service s& mentorship. Loans issued to female entrepreneurs,
carry an interest rate of 7% annually, for three years.

Applicants can qualify for loans of up to $100 million at programme kickoff, while the education and advisory components will be offered later in 2022. Applicants must be either sole traders, partnerships, incorporated companies, corporations or cooperatives; the female owner must have at least 20% shareholding in the business; and the business must be in operation for a minimum of 3 years, with good credit history.

Extract from the CARICOM BUSINESS Newsletter, Vol 5 No 3

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