Bank Extends Guarantee Scheme
The Central Bank of Barbados today announced the extension of the credit guarantee scheme to the tourism and tourism-related sectors to include guarantees of moratoria of principal and interest for a period of six months from September 15, 2009 to March 15, 2010
Commercial banks and other institutions eligible for use of the scheme may approach the Central Bank to facilitate those customers who previously had viable operations and whose situation is attributable to a downturn in the sector consequent on the global economic crisis.
The cap on the current amount of the total guarantee programme is the same as earlier advised: the maximum amount of any guarantee per customer is $450,000 (working capital $150,000; long term loan facility (fixed assets) $300,000). A cap on total exposure under the new Facility will be determined by the Central Bank. The programme should assist in retention of employment in the sector.
The Facility may be accessed through commercial banks and eligible financial intermediaries such as Part III Companies and the Enterprise Growth Fund Limited.
September 15, 2009