The climate change loan programme provides business ventures with loan financing of between $200,000 to $5 million in respect to climate change adaptation activities and the project’s viability. The interest rate is 4% on the reducing balance and the repayment period may extend to 4 years with a moratorium on principal of up to 6 months provided if necessary. The loan funds will be made available to businesses in the agriculture and tourism sectors and ought to augment climate change resilience through the use of adaptive or mitigation strategies with respect to the effects of climate change. Loans will be made to individuals or registered entities (Sole Proprietorship, Partnership or Registered Company) but loans of $2 million and over will require the possession of a valid tax compliance certificate.
In addition to being used to lessen the effects of climate change on the environment, financing is also geared towards energy efficiency techniques ( e.g. use of greenhouse farming , flood control techniques, drip irrigation systems, solar systems, rainwater harvesting systems, green house gas energy reduction systems ) or to overhaul and adapt production strategies that will reduce the use of fossil fuels energy demand. A more exhaustive list of eligible financing scenarios is available. Collateral will be required for the loan. Acceptable collateral may consist of machinery and equipment of trade owned and to be purchased, motor vehicles that can be comprehensively insured and registered titles on which either a first or second mortgage can be effected as well as the hypothecation of cash. A Guarantor offering to fully or partially satisfy the collateral requirements is acceptable.
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