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Stabroek News

$60m loan window for small hotels, attractions
published: Thursday | December 6, 2007


Earl Jarrett, general manager of Jamaica National Building Society and director of subsidiary JN Small Business Limited. - FILE

Jamaica National Small Business Limited (JNSBL) has opened a $60 million loan window for small hotels and attraction companies, under a deal struck with its parent Jamaica National and the Tourism Enhancement Fund (TEF).

The TEF, a state entity, will front the funds for the scheme, which JNSBL will administer.

The loans, which are capped at $3 million, are to finance repairs to properties damaged by storm winds during August.

Earl Jarrett, JN's general manager, who annnounced the loan scheme in Montego Bay, said the funds would be available ahead of the winter tourist season.

The scheme became operational December 1, two weeks ahead of the December 15 kick-off of the peak tourist season.

"Many small properties are not fully insured to cover the kind of losses sustained during Hurricane Dean, therefore, we want to help them get back on track," said Jarrett, who is also a director of JNSBL.

The JNSBL director explained, "Each property will be able to access up to $3 million to assist with repairs. This means that owners can use this additional sum to bring their properties back into full operation."

business@gleanerjm.com


Taken from Wednesday Business, December 5, 2007

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