Agriculture and Fisheries Minister, Hon. Pearnel Charles Jr. (second right) and Chief Executive Officer of Sagicor Bank, Chorvelle Johnson Cunningham (second left), examine paper straws shown to them by Director of Creative Industries Limited, Anthony Clarke. The straws were manufactured by his company. Observing at right is Manager, SME Business Banking, Sagicor Bank, Howard Smith. Occasion was the launch of Sagicor Bank’s Manufacturing and Agro-Processing Loan facility on Tuesday (February 15), at the company’s Kingston address.
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KINGSTON, Feb. 16 (JIS):
Small and medium-sized enterprises (SMEs) will be able to access up to $50 million at a competitive market rate of 6.5 per cent per annum, with up to 12 years for repayment.
This has been made possible under the Manufacturing and Agro-Processing Loan facility, launched by Sagicor Bank on February 15.
The product is intended to provide existing medium-sized companies with additional business support by way of financing to assist with business-related purposes, specifically retooling for improving efficiency, expansion for import substitution, and expansion to overseas markets, among other things.
Agriculture and Fisheries Minister, Hon. Pearnel Charles Jr., in his address at the launch, held at Creative Industries Limited in Kingston, welcomed the initiative, noting that it is in line with the Government’s efforts to provide increased and diverse product offerings for players within the ago-processing industry.
He said it represents a significant resource for stakeholders seeking to optimise their outputs.
“That economic support for farmers to invest will allow them to focus now on the priority areas to improve harvest facilities,” he argued.
The Minister said for its part, the Government continues work to expand opportunities within the agro-processing industry through its Agri-Business Cold Chain project.
“Through that project, which was made possible through grant funding of US$1.05 million from the Government and people of Morocco, we will be establishing across the country several mobile precooling and packing facilities, as well as a network of temperature data loggers in the cold rooms and trucks. These are going to help our farmers to expand their own operations,” he informed.
Mr. Charles Jr. said strategic partnerships, producers, investors and financial institutions play a critical role in driving the development of the agro-processing and manufacturing industries.
Meanwhile, Chief Executive Officer of Sagicor Bank, Chorvelle Johnson Cunningham, said the product is a response to the unique needs and characteristics of the industry, and is designed to provide personalised support to SMEs.
“We announced that this product would come on stream at the beginning of this month and there has already been a high level of interest from existing and prospective clients… . No matter the industry, factories and manufacturers, we are here for you,” she added.
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CONTACT: ROCHELLE WILLIAMS
