Photo Credit: St. Lucia First
By St. Lucia First
Parliament has authorised the Minister of Finance to guarantee a loan from the European Investment Bank on behalf of the St. Lucia Development Bank.
The loan of 5.75 million Euros will be disbursed through the SLDB to assist small, micro and medium size enterprises struggling as a consequence of Covid-19.
In presenting the Motion, Finance Minister and Prime Minister Allen Chastanet said the loan will assist SME’s in mitigating short term financing constraints and provide assistance with working capital and other operational costs.
He said the financial assistance was critical against the backdrop of thousands being made unemployed and many small businesses forced to shut down permanently as a consequence of Covid-19.
The Prime Minister went on to add that a line of credit will be made available to eligible businesses in agriculture, agroprocessing, construction and tourism.