"Effective today, Scotiabank will offer on all new SME loans, a fixed rate of 16.95 per cent per annum for the first 12-month period of the loan," the bank said in a release. "Entrepreneurs will be able to access from J$1 million up to J$22.5 million for up to seven years. The new rate reflects a reduction of as much as 500 basis points."

The bank said that, through this offer, it was aiming to provide special assistance and liquidity support to SME entrepreneurs in guiding their businesses through the currently challenging economic climate. Beneficiaries of this offer can use the funds to acquire fixed assets for retooling and re-engineering of processes; for day-to-day working capital; to purchase inventory; and cover other short-term cash needs.

All applicants should be operating a business with less than 50 employees and less than J$225 million in annual revenues.