SMEs can now access 9.99% loan rates from Scotiabank

Tuesday, April 04, 2017

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Small and medium-sized entities (SMEs) earning annual income of $50 million or less can now access loans at 9.99 per cent from Scotiabank.

Businesses applying for loans from the financial institution will now benefit from a fixed rate for three years – and floating thereafter. Previously Scotia offered loans upwards of 13 per cent, depending on the risk profile of the entreprenuer. The rates, however, were negotiable.

Scotiabank’s Director of SME and Partnership Avril Leonce, in a press release, said the single-digit interest rate will assist business owners to create capacity to achieve their plans for growth and expansion in their businesses.

Already Scotia has extended the offer to participants of its most recent Scotiabank Vision Achiever programme.

Concurrently, the bank has also rolled out an incentive offer waiving fees for three months for businesses who sign up to activate their Scotia OnLine for Business (CMS) service.

CMS allows users to save time and manage cash flow through access to view current balances, get detailed transaction reports, and perform a range of other essential banking services without leaving their offices. SMEs will be able to effectively manage funds flowing in and out of their accounts, make payroll deposits electronically to employees, and pay local suppliers or business vendors online.

In addition, loan recipients may also access up to two Development Bank of Jamaica Voucher for Technical Assistance per SME valued from $50,000 to $500,000. Vouchers can be used in the following areas: business plans, business coaching, financial statements, marketing plans, training courses, business process improvement, and consulting services.

Scotiabank has for some time had a specific mandate to facilitate the development of the SME sector. Through initiatives like the Scotiabank Vision Achiever Programme, the bank has placed its focus on building capacity to foster growth within these businesses. Last year Scotiabank recorded an increase of 23 per cent in small business loans.

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