$100 Million in Loans Available for MSMEs Through EXIM Bank E-Commerce Funder

• The National Export-Import (EXIM) Bank of Jamaica has launched a loan facility called the EXIM E-Commerce Funder which allows Micro, small and medium-sized enterprises (MSMEs) funding for e-commerce pursuits.
• The EXIM E-commerce Funder is suited for businesses seeking to upgrade or develop digital platforms to aid in increasing sales and marketing by appealing to a wider audience and accessing global markets.
• Through the EXIM E-commerce Funder, MSMEs can access from as low as $1 million up to $5 million, with maximum financing of 80% of the cost of the project with up to five years to repay. MSMEs will also benefit from an interest rate of 5% and loan commitment fees of 2.3%, which can be funded from loan proceeds.
• This initiative emerged during the height of the pandemic, as a lot of businesses pivoted to e-commerce solutions to support business operations and shore up revenues. Given that the adoption of e-commerce solutions is expected to remain a theme post-pandemic, the favourable interest rate is expected to attract MSMEs to develop their e-commerce platforms to drive sales and profitability. 

(Sources: JSE and NCBCM Research)