Scotiabank has launching a major initiative for the private sector in Barbados – the Scotiabank Economic Growth Fund. This is a $50 million loan fund which will be available for the next six months for small and medium sized businesses. The financing will be available at discounted rates and we will be waiving our usual commitment fees.
The Scotiabank Economic Growth Fund is targeted at businesses that are seeking to expand, modernize their operations, or purchase new equipment, so that they can become more efficient and productive. We are also targeting businesses that are looking to “go green” and implement energy saving solutions.
In addition to the Economic Growth Fund for Barbados, we are simultaneously launching another one, worth $EC 50 million for the Eastern Caribbean islands where we operate.
As far as we know, Scotiabank is the only private sector institution in Barbados and the Eastern Caribbean to offer such a program. We have worked very hard to develop a program that we believe can seriously benefit the private sector and help to boost our local economies. And we have taken this step because we at Scotiabank believe that we have a responsibility to help grow our economy. While Government has a critical role to play, they can’t solve all of the issues on their own. We all have to get involved in finding solutions to our economic challenges.
Scotiabank has been in Barbados for nearly 60 years so we’re not just a bank – we are a part of this community and we have to be a partner in building the community. Joining the effort to stimulate our economy benefits us all. If we can help companies expand, then they can create jobs and contribute to the growth of the economy.