$750 million disbursed to 35 tourism SMTEs
Published:Friday | May 3, 2019 | 8:54 AM
Approximately $750 million has, to date, been disbursed to 35 small and medium tourism enterprises (SMTEs) under the National Export-Import (EXIM) Bank’s revolving loan scheme.
The businesses were selected from 51 completed applications totalling $941.1 million that the Bank received up to November 2018, Tourism Minister, Edmund Bartlett, has said.
He was making his 2019/20 Sectoral Debate presentation in the House of Representatives on Tuesday.
Bartlett indicated that the scheme, for which the Government provided $1 billion for on-lending to SMTEs at an interest rate of 4.5 per cent, supports entities deriving at least 35 per cent of its revenue from tourism-related engagements.
The facility is designed to enable SMTEs to tap into the tourism linkages value chain, incorporating activities in gastronomy, health, and wellness, sports and entertainment, knowledge and shopping.
“The loan is offered at a maximum of $25 million and a minimum of $5 million, and the repayable period is five years,” Bartlett added.
Meanwhile, Bartlett disclosed that a private-sector-supported $100-million loan facility being provided by the Ministry to small tourism transport operators has been increased to $200 million.
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