Manufacturing in Jamaica > Options Available to Finance Cheap Energy

National Housing Trust (NHT)

Solar Water Heater Loan

Financing of up to JM$100,000 is provided to assist recognized institutions for the installation and retrofitting of solar heating systems.

Terms and conditions

• 3% interest p.a.
• 5 years to repay
• One-time service charge of 5%
• Institutions should be NHT compliant; established for a minimum of 5 years and show proof of income and ability to repay loan, without negatively impacting their operations
• Documentation should be provided which demonstrates that requisite individuals are authorized to borrow on the company's behalf and that the company's constitution facilitates such as action

Development Bank of Jamaica (DBJ)

DBJ Energy Line of Credit: Petrocaribe Small and Medium Enterprise (SME) Energy Fund

DGJ has committed $1 billion towards the SME line of credit beginning May 2008, to facilitate retrofitting for small, medium and large sized enterprises to accomodate alternative energy sources, with a specific emphasis on electricity conservation and solar energy via photovoltaic energy etc.

Money from this line of credit will be on-lent via Commercial banks, Merchant banks, National People's Commercial Bank (NCPB), Credit Unions, and Micro Financing Institutions.

Terms and conditions

• 10% interest rate p.a. - fixed for the life of the loan
• J$5m maximum loan per entity or group representing 75% of installation quotation of photovoltaic, including compulsory energy audits etc.
• 7 years to repay (with option of 12 months moratorium on principal payments)
• Eligible enterprises include: commercial institutions, small and medium business users, large commercial and industrial users, commercial business requiring energy audits energy service companies (ESCOs), manufacturers of energy efficiency equipment and devices
• Eligibility conditions:

1. Constitution of the entity gives it the authority to borrow, where the borrower is a company, a board resolution must be passed to access the loan
2. Project must be viable and demonstrate ability to repay loan without a negative impact on its operations
3. A valid Tax Compliance Certificate must be provided and all loans must be fully secured

Victoria Mutual Building Society

VMBS Home Equity Loan

Home improvement loan designed to assist customers with the expenses that are associated with renovation. Financing is provided for projects such as interior decorating, remodelling, air conditioning, electrical upgrades, and water tank and water heater installations.

Terms and conditions

• 14% interest rate p.a. - fixed for the life of the loan
• Applicants must be the holder of a VMBS share account and must have a mortgaged property to use as collateral

 

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