1. What is it?
The Empowerment For Ownership Fund is an investment arrangement between the Government of St. Kitts & Nevis and The Development Bank of St. Kitts & Nevis, whereby loan financing, Technical and Management Assistance and Training, (and other aspects of Business success) are afforded entrepreneurs in the small/micro business sectors, and all geared towards the development and maintenance of a fertile economy.
2. Who Does it Target?
Target sectors include, but not limited to:
- Construction Manufacturing
- Fishing
- Agriculture
- Tourism Industry
- Information technology industry
- Distributive trades
- Professional Services
3. Loan Criteria/obligations
- Loan size may be up to a maximum of EC$100,000.
- Applicant's equity input of 10% in the form of cash and/or tangible assets
- Repayment on the reducing balance for a term of up to 7 years
- Loan security can take the form of :
- Bill of sale
- Real Estate
- Mortgage
- Guarantor
- Assignment of contract
- Hold on CD's/savings etc.
4. Must Have's:
When applying to secure a loan these are items, you must have for your Loan Officer:
- Copy of Photo I.D. (Passport, Drivers' license, Voters' I.D.)
- Copy of Social Security Card
- Personal Finance Statement and monthly budget (Income & Expenses)
- Bankers reference (confirmation of your creditworthiness from Commercial Banks)
- Invoices/statements or contract in support of loan request
- Tax I.D. card and/or business registration number
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