BASSETERRE, ST. KITTS, JULY 10TH 2013 (CUOPM) – HELP for nationals of St. Kitts and Nevis in the renovation, remodelling or expansion of their existing homes.
The Sugar Industry Diversification Foundation (SIDF) has announced the establishment of HELP – the Housing Enhancement Loan Programme – in keeping with its purpose to advance the socio-economic development of the Federation.
It is designed to enhance the lives of citizens of St. Kitts and Nevis, create employment and stimulate the construction sector.
The Housing Enhancement Loan Programme (HELP) provides funding of up to one hundred thousand dollars ($100,000.00) at a fixed interest rate of 5% to eligible applicants who wish to renovate, remodel or extend their dwelling homes.
The SIDF has once more partnered with indigenous financial institutions in St. Kitts and Nevis to establish the HELP fund.
These institutions are St. Kitts-Nevis Finance Company Limited (FINCO), the Development Bank of St. Kitts and Nevis, the Bank of Nevis, the St. Kitts Co-operative Credit Union Limited and the Nevis Co-operative Credit Union Limited.
Application forms may be collected from and submitted to any of the participating institutions. To qualify for a loan, applicants must be Citizens of St. Kitts and Nevis, and must occupy the homes on which the work is to be carried out.
The HELP fund has been established with a minimum capitalization of four million dollars ($4,000,000.00) from the SIDF.
An arrangement between the SIDF and the five Participating Institutions allows approved applicants to borrow money at an interest rate of 5% which is fixed over the term of the loan.
HELP came into effect on the first of July for one year after which the programme may be extended.