The Export and Upgrade Stimulus Scheme is a relief scheme designed to help registered Solomon Islands medium and large enterprises including state owned enterprises, large private companies and corporations continue with their operations and activities in the face of the economic and social impacts being brought about by the global coronavirus (COVID-19) pandemic.
The rationale for this scheme is to stimulate economic growth by supporting medium and large businesses and state owned enterprises, who are Solomon Islands’ largest taxpayers, continue with their business activities by offering them financial relief through capital financing options and concessional loan products.
Loan Features
| Eligibility: | Any registered Solomon Islands medium to large enterprise businesses involved in the production and manufacturing sector or in exporting for at least 3 years. |
| Purpose for loan: | Encourage continuation of production and export activities and employment. |
| Security: | Normal commercial collateral requirement will be required. |
| Interest Rate: | 8% for the first $2M thereafter 13%. Weighted Average Interest Rate offered is 11.46%. This is based on a maximum loan of $6.5M. |
| Term: | This will be based on the project but is not expected to be more than 7 years. Terms of up to 10 years and beyond, including grace periods can be considered provided the projects are for introducing new technologies, innovation and improving quality processes to meet export requirements. The relevant risk premium will be applicable when considering loans greater than 10 years. |
| Facilities accessible: | Any projects that can clearly articulate that funding will reduce overall job losses, and support growth of the economy especially in terms of export, manufacturing, import substitution and innovations to industry and facilitate increase in rural economic activities. |
| Maximum Loan: | $6,500,000.00 |
| Equity: | Equity requirement: minimum of 20% of capital sought. Real estate property maybe substituted in lieu of cash injection. |
Make an Enquiry to find out more about mandatory documents and other requirements for this loan.
How to apply?
We are always ready to help you get started on your application so please do visit our main branch or a branch nearest to you. You can also Enquire about this product online or download our application Forms.
Where to apply?
Our branches are located at: Room 27 of SINPF Plaza and on the First Floor of Anthony Saru Building. You can also Contact Us from this website.