EX-IM Bank will now lend qualifying individuals in the ICT sector up to $562,000 - at an interest rate of 12 per cent per annum on the reducing balance - to finance the cost of a course of study that leads to Professional Certification in Information Communication Technology, at accredited institutions.  Companies may also make recommendations to the Bank regarding members of their staff who they believe may qualify for such financing.  The offer does not extend, however, to programmes which are already covered by the Students' Loan Bureau.

The new loan product - which was developed in keeping with the EX-IM Bank's mission to provide financing for business activities "that support the general good of the country and its economic growth" - was formally introduced to the marketplace during the recent Jamaica Computer Society BIZTECH Forum, held in Montego Bay.  According to EX-IM Marketing Officer Ann-Marie Walter-Allen: "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".

EX-IM Bank's loans for Professional Certification in ICT are available for a maximum of three years and beneficiaries - all of whom must be gainfully employed and meet r collateral requirements outlined by the Bank - are expected to provide a minimum 20% of the cost of the course being undertaken, with the Bank providing the balance, up to a maximum of $562,000.00. 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 Professional Certification segment of EX-IM's ICT Loan Programme is actually part of a 3-pronged financing effort that also includes ICT YES - a short term revolving financing facility, designed primarily to assist young, start-up entrepreneurs; and a direct medium-term financing facility which has a particular bias towards members of the ICT sector engaged in Software Development, Training and Telecommunications.