The loan scheme which was formally unveiled last week, forms part of a three-pronged approach being taken by the Ex-Im Bank in its drive to foster entrepreneurism in the information technology industry.

The others are: ICT YES - a short term revolving financing facility for young, start-up entrepreneurs; and a direct medium-term financing facility targetted at software developers, training and telecommunications.

In a press statement outlining details of the loan scheme, the Ex-Im Bank said that the loans would have an annual effective interest rate of 12 per cent, but that it would not be extended to those courses that are already covered by the Students' Loan Bureau.

The loans are for a maximum of three years, and applicants must be "gainfully employed" and in a position to meet collateral requirements, the bank said.

Applicants are expected to provide a minimum 20 per cent of the cost of the course being undertaken.

For those unable to supply the required collateral, the total individual loan amount is reduced to $300,000 but the applicant must provide references, as well as guarantors to co-sign the loan.

The bank announced the scheme at the Jamaica Computer Society BIZTECH forum, held in Montego Bay recently.

Ann-Marie Walter-Allen, the bank's marketing officer said there was "a high level of interest shown in the product by persons attending the forum, and we have already begun to receive calls from individuals and from the firms for which some of them work to get more details on the terms".

The bank says that companies may make recommendations for members of their staff who they believe may qualify for financing.

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