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MercadoDeDinero | Growth & Jobs | Tourism loan scheme to be expanded

Tourism Minister Edmund Bartlett has announced that the Tourism Enhancement Fund’s (TEF) 5x5x5 loan scheme is to be expanded

Tourism Minister Edmund Bartlett has announced that the Tourism Enhancement Fund’s (TEF) 5x5x5 loan scheme is to be expanded.

The boost to the product is in line with the tourism ministry’s ‘Reimagining Tourism’ efforts to strengthen the resilience of the tourism sector, as it continues to recover from the effects of the COVID-19 pandemic

Bartlett said the details of the enhanced loan programme will be provided at a later date

The current TEF 5x5x5 loan, which is a component of a wider TEF loan programme that commenced in 2007, is offered to entrepreneurs operating in the tourism sector to expand and refurbish small hotels and tourist attractions, and to purchase motor vehicles used for tour operations. It is provided to persons through a partnership agreement with the JN Bank Small Business Loans Division

Referencing figures presented by JN Bank while speaking at the business information session for small and medium tourism enterprises in New Kingston recently, Bartlett disclosed that some $900 million has been on-lent via JN to businesses in the tourism sector since the emergence of the TEF programme

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