BASSETERRE, ST. KITTS, JULY 2ND 2014 (CUOPM) – With over EC$500 million pumped into several projects in the St. Kitts and Nevis economy, the Sugar Industry Diversification Foundation (SIDF) will launch three new loan programmes this weekend.
The SIDF announced Wednesday that citizens of St. Kitts and Nevis will benefit from the three loan programmes to be initiated in partnership with the St. Kitts-Nevis-Anguilla National Bank (SKNANB).
SIDF’s Corporate Affairs Manager, Delcia Bradley-King said the Graduate Relief Assistance Student Program (GRASP), the Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH) and the Housing Enhancement Loan Programme (HELP) will be launched at a ceremony on Friday, July 4, 2014, at 10:00 a.m. at the St. Kitts Marriott Resort.
She said the Graduate Relief Assistance Student Program (GRASP) is a new initiative that offers college or university graduates an opportunity to borrow up to $500,000.00 at 6% interest to refinance an existing student loan and acquire a home.
The loan is repayable over a maximum 30 year period. To qualify, students must have graduated no more than four years from the time of application.
“With SKNANB participating in the Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH) and the Housing Enhancement Loan Program (HELP), eligible applicants will have another choice of financial institution when seeking a loan to build a house or renovate their home,” she said in a news release.
She disclosed that residential mortgages up to EC$500,000.00 at a fixed interest rate of 5% are offered under FREESH.
Maximum loans of $100,000.00 at a 6% rate of interest are provided under HELP for the purpose of upgrading homes.
Applications to any of the loan programmes will be made via a portal on the SIDF website – www.sknsidf.org.
The primary purpose of SIDF is to support the Government in its efforts to grow and diversify the national economy.
“Since its establishment, SIDF has invested over five hundred million dollars ($500,000,000.00) in projects which have stimulated economic activity in various sectors, enhanced infrastructural development and increased household disposable income.