Scotiabank Trinidad and Tobago has allocated $150 million towards a Small and Medium Enterprises (SME) Capital Equipment Fund.
Scotiabank’s managing director Anya Schnoor made the announcement on Monday at the launch of Business Banking Week 2014, at the Scotiabank Hospitality Suite, Queen’s Park Oval, the bank said in a release.
This $150 million, Schnoor said, will be available to help businesses finance their capital equipment needs allowing them to re-tool and expand to meet their future needs.
Since the establishment of its Small Business portfolio in January 2008, the bank has seen a significant increase in small businesses taking advantage of Scotiabank’s unique offerings, the release said.
“Scotiabank recognises the unique needs of small business owners and as such, provide expert advice, information and services critical to getting a small business started, or growing. This Business Banking Week therefore aims to celebrate and encourage the promotion of small businesses,” the bank said.
The Business Banking Week is being held from May 12 – 16 at locations throughout the country and consists of seminars being hosted by the Bank at its High Street, San Fernando and Main Road, Chaguanas branches on May 14 and 15 respectively.
Michael Gordon, the manager of enterprise development at the Ministry of Labour, Small and Micro Enterprises, also attended the launch.
“I thank Scotiabank for this very important initiative. I look forward to learning more about it and trust that Scotiabank will continue to be a very strong partner in SME development, and we look forward to working with you on any initiatives that will support the SME sector,” he said.