The Grenada Government makes a loan fund facility available, expected to ease the plight of contract workers.
This was announced this morning by Finance Minister, Gregory Bowen, speaking to reporters at the Government’s Post-Cabinet Briefing.
Some 10 million dollars is pumped into the initiative and monies can be accessed through the Grenada Development Bank (GDB), responsible for administering the loans.
Finance Minister, Gregory Bowen.
General Manager of the Grenada Development Bank, Mervyn Lord, says improving the standard of living of people is of utmost importance in these times.
The Government’s contractual workers who are to benefit have to be continuously employed for a minimum of 3 years and funding can be extended with a debt service ratio of up to 50%.
Lord explains how the monies can be utilized.
The maximum loan, Lord says, is in the range of 375,000 dollars, which according to him, is ideal.
General Manager of the Grenada Development Bank, Mervyn Lord.
