COVID-19 Care Tourism Grant
The COVID-19 pandemic has led to a global economic shock of unprecedented proportions. The Government of Jamaica in response has created a $25 billion stimulus package aimed at sustaining the Jamaican economy amidst the impact of COVID-19. One element of the COVID-19 Allocation of Resources for Employees (CARE) Programme is the COVID-19 Tourism Grant of JMD $1.2 Billion. The Grant is aimed at providing assistance to businesses operating in tourism and other related sectors which have been impacted the Corona Virus. The aim of this fund, administered through the EXIM Bank (i.e receipt, review, evaluation and approval) , is to assist these entities with costs related to planning for and responding to the outbreak of COVID-19.
The Grant is expected to support and foster operational preparedness of the business, staff preparedness and ensuring a safe experience while operating the business. The request for the Grant must be towards ensuring that the business is COVID-19 ready.
FUNDS
US$500,000 - US$500,000
INTEREST RATE
12%
INDUSTRIES
Tourism
Eligibility
ANNUAL REVENUE
US$500,000 - US$500,000
REQUIRES COLLATERAL
4 YEARS
Qualifications
• Must be Small and Medium-sized businesses operating in the Tourism sector which are licensed by the Jamaica Tourist Board (JTB) or registered with the Ministry of Tourism or the Tourism Product Development Company (TPDCo) are eligible.
• Must have a cash match of 10% but note that this is not applicable if reimbursement is being requested.
The list of eligible tourism businesses are:
• Apartments
• Attractions
• Bike Rentals
• Car Rentals
• Guest Houses
• Home Stays
• Hotels
• Tour Operators
• Water Sports Operators
• In Bond Merchants (which have been granted an approval letter by the Jamaica Tourist Board)
• Travel Agencies (licensed by the Ministry of Tourism)
• Villas
• Entities approved by the Ministry of Tourism under the Fiscal Incentives Act (FIA)
Documents Required
• Fully Completed Application Form (linked below)
• Copy of JTB License, TPDCo Registration or Ministry of Tourism Registration
• Copy of TPDCo’s Product Quality Assessment Letter OR Certificate of Readiness from TPDCo
• Copy of Valid Tax Compliance Certificate
• Completed Credit Consent Form (linked below)
• Audited Financial Statements OR Management Accounts for FYs 2018 & 2019
• Management Accounts for Jan-June 2020
• Proof of financial resources of project cost exceeds JMD $5m (if applicable), e.g letter from financial institution and/or recent bank statement
• Proof of financial resources with respect to 10% minimum equity contribution e.g letter from financial institution and/or recent bank statement. Please note this is not applicable if reimbursement is being requested.
• Paid Invoices and/or proforma invoices to support grant requested
• Copy of Employer’s Annual Returns (Form SO2) submitted to TAJ for 2019
• Completed Payment Account Form along with documentary evidence to support payee account number e.g. copy cheque leaf or bank statement.
• Any other documents required to support the request to include copy of a valid photographic ID for the authorized person (s) signing the application form.
Application Process
To apply for this loan, the business must access Exim Bank's website and locate the "COVID-19 CARE TOURISM GRANT" section found in the "Other Products" section of the website. Navigate to the bottom of the website until the "How to Apply?" heading is reached and click the link to the application form and fill accordingly. Then, ensure all documentation requested is available for upload with the Application Form. Click the submit button and proceed to upload all other documentation requested.
Other Information
EXIM Bank
EXIM Bank is Jamaica’s premier trade financing institution and the Caribbean’s first Export-Import Bank. It plays a fundamental role in national development by providing a wide range of financing instruments at competitive interest rates for the country’s productive sector. It aims to assist in the growth of this sector and to contribute to the development of the wider national economy.
85 Hope Road, Kingston 6
(the former Blue Cross building)
876-630-1400
or
876-618-5889
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