The Valley Anguilla – The Ministry of Economic Development, Commerce, Information Technology and Natural Resources (MEDCIT) announces the launch of the Anguilla Development Board (ADB) Bounce Back Loan Programme in collaboration with the Ministry of Finance. Through the ADB, the Government of Anguilla has funded a lending programme for Micro and Small sized businesses to bridge the impacts of COVID-19.
Micro or Small sized businesses including sole traders are to be eligible for secured loans and other kinds of finance of up to $30,000 XCD. MSEs can be provided with access to working capital loans of up to $5000 XCD to help manage disrupted cash flows and get through the impact of the Coronavirus. Working capital loans will require a guarantor.
Loans issued under the Fund can be used for a broad range of businesses purposes (including to support investment) but cannot be used to construct or purchase residential property, purchase financial products, or lend to an associated entity. At an interest rate of 4.75% Declining the Bounce Back Loans will mature within a maximum of four years. In short the ADB may provide up to 90% of financing required for new projects; and up to 100% of the estimated costs of expansion projects provided that the borrower’s contribution to the total project (existing plus expansion) represents not less than 10% of total project costs.
Commenting on the initiative Minster Kyle Hodge shared his excitement about the opportunity stating that “I am pleased that the Government of Anguilla has had the foresight and conviction to act now. The entrepreneurs across the island are a critical component of our economy. In order to bounce back we need to create opportunities and avenues for them to grow. They need access to funding and resources which will develop sectors which are paramount to us diversifying our economy. This is just the beginning. As I go around the manufacturing sector and speak to persons about the economy their feedback is helping us to strategise ways to provide further equity injection into the ADB, we will ensure that the ADB remains viable and truly stand to be a building block for national development”.
– Press Release
