In order to qualify for this financing, an applicant must:

• register with the Ministry of Tourism and BHTA;”

• submit a Business Plan

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On receipt of the Business Plan, EGFL shall ensure that project proposal falls within the scope of the overall objectives of this financing and shall conduct due diligence with particular reference to the following:

• Project costs;

• Technical feasibility with reference to sectoral knowledge and skills;

• Management skills;

• Reputation of prospective client(s) in the market place;

• Credit worthiness of the prospective client(s) and the ability to service debt;

• Market analysis and prospects;

• Financial structure;

• Financial viability including profitability and balance sheet projections for five (5) years. For existing businesses, audited financial statements for the three (3) years preceding the date of the application must be provided;

• Foreign exchange generation capacity;

• Sensitivity and risk management analysis;

• Environmental impact.

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SEE BUSINESS PLAN GUIDELINES HERE

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A copy of the following corporate documents must also be provided:

• Certificate of Incorporation

• Notice of Address or Notice of Change of Address of the business’ registered offices

• Notice of Directors or Notice of Change of Directors

• Articles of Incorporation

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On completion of the due diligence process, EGFL shall prepare and present a Project Funding Memorandum for the review and approval of the Investment Committee. Prior to disbursement, the applicant should show evidence of compliance with BRA and NIS, if applicable.

Technical Assistance

Technical assistance for small hotels is available for some professional services in project preparation, such as architectural services and interior design.

• Financing for small hotels was activated in 1999 with $5 million and commenced financing activities for group marketing as well as the refurbishment of small hotel properties.

• Funding is available to members of the Small Hotels of Barbados Inc. (SHBI) which trades under the brand, “Intimate Hotels of Barbados”.

• Funding is provided at 5.0% per annum, fixed up to $5.6 million.

• The Small Hotels Refurbishing Scheme (SHRS) commenced officially on April 1, 2005 with a stated objective to refurbish and upgrade at least 400 hotel rooms in the small hotel sector to a minimum three-star quality standard for the ICC Cricket World Cup 2007.

• The SHRS, had a budget of $30 million; $28 million in the form of a loan and $2 million for technical assistance.

• By the end of the SHRS in February 2009, 14 hotels, comprising 439 rooms, were either upgraded or expanded with 13 properties achieving the minimum three-star quality standard. The funds allowed 313 rooms to be refurbished and 126 new rooms to be built.

• $61.72 million has been approved from inception to June 2020.
• $53.07 million in loans has been disbursed to June 2020.
• $3.59 million in grants has been disbursed to June 2020.