EC$8 million at Development Bank for small hotels and restaurants

Published: 6/14/2012
by CUOPM

BASSETERRE, ST. KITTS, JUNE 14TH 2012 (CUOPM) – Small hotels and restaurants in St. Kitts and Nevis can access over EC$8 million to refurbish their properties.

Chief Executive Officer (CEO) of the Sugar Industry Diversification Foundation (SIDF), Mr. Terrence Crossman said recently that the Foundation remains committed to the transformation of the Federation’s economy from a sugar-based to a services economy.

“In its goal to promote and support the tourism and hospitality industry and support, the Foundation has made a significant investment in small hotel development,” he said.

Mr. Crossman disclosed that the SIDF has allocated loan funding in the sum of EC$8,064,600.00 to the St. Kitts and Nevis Hotel and Tourism Association (HTA) for the purpose of refurbishing and modernizing their small hotel and restaurant properties.

“The funds have been placed at the St. Kitts and Nevis Development Bank. Small hotels with under 100 rooms such as Sugar Bay Club, Timothy Beach Resort, Frigate Bay Resort, Ottleys Plantation, Ocean Terrace Inn, Rawlins Plantation/Caines Estates can benefit from the SIDF’s Small Hotel and Restaurant Modernization Fund,” said Mr. Crossman.