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Development Finance Corporation making up to $10 million in loans available for tourism stakeholders

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Posted: Friday, July 24, 2020. 4:26 pm CST.

By BBN Staff: The COVID-19 pandemic hit Belize’s tourism sector the hardest, causing massive losses in revenue and in jobs; as the country tries to recover economically, the Development Finance Corporation (DFC) is earmarking between $8 million and $10 million in loans to help industry stakeholders recover from economic shock.

General Manager of the DFC, Natalie Goff, speaking today at a forum hosted by the Belize Tourism Industry Association, explained that the DFC is doing what it can to offer low-cost financing to industry stakeholders, but getting those arrangements set up will take some effort.

“Hopefully by next week, we will be able to get that process finalized. DFC normally does more long-term lending in capital investments and our working capital financing is just a small portion so we have had to go to our funding agencies to see ho wythe can move some of that money to that short-term financing. it takes a while because it’s kinda reinventing everything but from what we are hearing they are looking at it positively…” Goff said.

She stressed that the money is a loan, not a grant and that the corporation hopes the recipients will use the opportunity to sustain their operations and incorporate all the health and safety standards needed to get the industry going post-COVID-19.

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