Frank Whylie, general manager of JN SMall Business Limited. - FileThe Jamaica National Building Society says that, so far, it has received more than 20 applications for loans from the $100-million government fund, open to people with ideas for tourism-related projects but little capital.

But Frank Whylie, who heads JN's small-businesses subsidiary, which is administering the fund on behalf of the Government, could not immediately give a total value of the applications.

"We have not processed any loans yet," Whylie said.

The loan scheme was announced last month by Tourism Minister Ed Bartlett for small entrepreneurs with "powerful ideas", but without the resources to bring them to reality.

Administer fund

Whylie, however, explained that the scheme was an expansion of a funding project for the financing of repairs to small-hospitality businesses after Hurricane Dean a year ago. JN was contracted to administer that fund.

Under this new component, Whylie said applicants would be able to borrow from as low as J$500,000 to a maximum of $3 million at an interest rate of three per cent per annum, with five years to repay.

The only collateral required, Whylie said, is a promissory note or character reference and a guarantee by the director(s) of the company.

Whylie said approved applicants would be able to use up to 30 per cent of the loan to bring their businesses into compliance with requirements for a registered company, including application for a tax-compliance certificate.

dionne.rose@gleanerjm.com