Scotiabank Bahamas launched its $10 million “Scotia Bahamas SME Fund” this past Thursday. The fund offers reduced interest rates and fees on loans to small and medium sized enterprises (SMEs).
Managing Director Minna Israel says *”Scotiabank consistently provides strong leadership in the financial sector and this initiative is yet another indication of our unreserved commitment to The Bahamas”*. The bank is celebrating 50 years of operation in the jurisdiction, and Ms. Israel says she hopes the SME Fund will be another tangible contribution to the growth and economic development of The Bahamas.
With the objective of encouraging economic growth, building capacity and increasing support for the targeted sector, the Fund will focus on:
• Acquisition of new capital equipment;
• The purchase of used equipment;
• The cost to re-engineer production processes, including environmental enhancements;
• Financing for re-tooling and upgrading facilities in the fishing, tourism, and agri-industrial sectors; and
• The cost to modernise technology.
Scotiabank Bahamas, a subsidiary of The Bank of Nova Scotia and one of the leading banks in The Bahamas, offers a comprehensive line of retail and commercial services through an extensive network of 20 branches across the country.