Small and medium-sized entities (SMEs) earning annual income of $50 million or less can now access loans at 9.99 per cent from Scotiabank.

Businesses applying for loans from the financial institution will now benefit from a fixed rate for three years – and floating thereafter. Previously Scotia offered loans upwards of 13 per cent, depending on the risk profile of the entreprenuer. The rates, however, were negotiable.

Scotiabank’s Director of SME and Partnership Avril Leonce, in a press release, said the single-digit interest rate will assist business owners to create capacity to achieve their plans for growth and expansion in their businesses.

Already Scotia has extended the offer to participants of its most recent Scotiabank Vision Achiever programme.

http://www.jamaicaobserver.com/business/SMEs-can-now-access-9-99–loan-rates-from-Scotiabank_94598