Basseterre, St. Kitts – July 2, 2014 (SIDF) - Citizens of St. Kitts and Nevis will benefit from three loan programs initiated by the St. Kitts and Nevis Sugar Industry Diversification Foundation (SIDF) and implemented in partnership with the St. Kitts-Nevis-Anguilla National Bank (SKNANB). The Graduate Relief Assistance Student Program (GRASP), the Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH) and the Housing Enhancement Loan Program (HELP) will be launched at a ceremony to be held on Friday, July 4, 2014, at 10:00 a.m. at the St. Kitts Marriott Resort.
The Graduate Relief Assistance Student Program (GRASP) is a new initiative that offers college or university graduates an opportunity to borrow up to $500,000.00 at 6% interest to refinance an existing student loan and acquire a home. The loan is repayable over a maximum 30 year period. To qualify, students must have graduated no more than four years from the time of application.
With SKNANB participating in the Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH) and the Housing Enhancement Loan Program (HELP), eligible applicants will have another choice of financial institution when seeking a loan to build a house or renovate their home. Residential mortgages up to $500,000.00 at a fixed interest rate of 5% are offered under FREESH. Maximum loans of $100,000.00 at a 6% rate of interest are provided under HELP for the purpose of upgrading homes.
Applications to any of the loan programs will be made via a portal on the SIDF website – www.sknsidf.org.
The primary purpose of SIDF is to support the Government in its efforts to grow and diversify the national economy. Since its establishment, SIDF has invested over five hundred million dollars ($500,000,000.00) in projects which have stimulated economic activity in various sectors, enhanced infrastructural development and increased household disposable income.