Sagicor Bank, under its Sagicor Advance loan facility, has disbursed some $80 million in financing to assist medical service practitioners to increase the capacity of their businesses since the novel coronavirus pandemic.
According to Howard Smith, manager in charge of the bank's small and medium enterprises (SME) business banking, the loan facility provides a financial boost that can help medical practitioners to implement much-needed changes in their facilities amid the strain on health services during the pandemic and as these entities seek to navigate the challenging period.
“The COVID-19 pandemic has caused health service providers to adjust the way they interact with and treat patients in the past year or has highlighted a need for increased cash flow or capital expenditure to finance these businesses. The Sagicor Advance will enable these businesses to satisfy these needs, whether infrastructural or otherwise, while maintaining liquidity,” Smith said.
The loan product offers up to $40 million in working capital to medical practitioners with financial statements, and up to $10 million in funding to entities without statements.
The loan is payable over a five-year period and gives practitioners flexible options through either an amortized loan, a credit card, or both.
“Now more than ever this product is necessary to launch our health facilities even further and increase their capacity to be able to serve our nation's people. We understand that medicine is a fast-paced environment that requires quick action, so we always ensure that loans are processed quickly,” he said.
The product is accessible to health-care providers who have been in business for a minimum of 24 months, including physicians, medical centre operators, physical therapists, pharmacists, medical equipment providers, radiology and diagnostic centres, ambulance service providers, laboratories, and nursing homes.
The bank said that in addition to this loan facility, the Sagicor Group will also be offering its providers and member companies special discounts and preferential rates for a range of plans and products aimed at bolstering the capacity of SMEs.
Smith further encouraged business operators to capitalise on the offerings and urged them to get the required support from the bank's recently opened business resource centre, established to cater to their needs.