The Government of Grenada, in partnership with the Grenada Development Bank (GDB), is rolling out the Hurricane Beryl Business Reactivation Facility, a strategic initiative designed to aid businesses affected by Hurricane Beryl in Petite Martinique, Carriacou, and the northern parts of Grenada.
This EC$25 million facility provides both grants and concessionary loans to support critical business recovery efforts and stimulate economic activity in the affected regions. Administered by the Grenada Development Bank, this facility aims to fast-track the recovery of local businesses, ensuring that they can resume operations and contribute to the resilience and rebuilding of the local economy.
Key aspects of the facility
Grant Support: The grant component of the Hurricane Beryl Business Reactivation Facility is designed to assist businesses with debt service payments, covering loan obligations up to 31 March 2025. The grant will provide essential relief during the recovery phase, allowing businesses to focus on rebuilding and restoring operations. However, it is important to note that this grant cannot be used for debt consolidation or to settle existing debts.
Concessionary Loans: The concessionary loans offered through the facility carry a 1% interest rate and are designed to provide vital support in the following areas:
- Construction support for rebuilding and repairs
- Capital goods acquisition, such as purchasing essential equipment
- Working capital for daily operations
Applicants can access loans up to a maximum of EC$500,000, with a repayment period of up to 10 years, inclusive of a one-year grace period to accommodate the rebuilding process. Loans must be secured to the extent possible, with acceptable collateral options including property, second legal mortgages, cash equivalents, liens, and other practical options given the current circumstances.
Application Process
Applications for the Hurricane Beryl Business Reactivation Facility opened on 1 October 2024. Interested individuals can access application documents at:
- The GDB Beryl Relief Office in Carriacou (Resource Centre, Hillsborough)
- The GDB Office in St George’s
- Online through the following links:
The Grenada Development Bank, along with its supporting teams, will assess each application to determine financial need. Approved applications will be closely monitored to ensure that the funds are used in accordance with the facility’s objectives.
Statement from the GDB General Manager
Speaking about the implementation of the facility, GDB General Manager, Royston Cumberbatch, emphasised its long-term significance. “As we implement the Hurricane Beryl Business Reactivation Facility, we are not only addressing immediate business needs but also strengthening our nation’s economic resilience. This initiative empowers local businesses and communities to rebuild stronger and more sustainably. At the Grenada Development Bank, we are committed to supporting this recovery and ensuring that our economy emerges more robust in the face of future challenges.”
Application Support
Reactivation teams will provide end-to-end assistance throughout the application process, including:
- Gathering information from lenders
- Assessing working capital and debt relief needs
- Appraising construction-related projects
GDB
