GRENADA-HOUSING-Government launches soft loan scheme for housing
The Grenada government says it has established a soft loan scheme to assist low-income earners construct their own homes.
Economic Development Minister Oliver Joseph said the soft loan scheme is part of a wider initiative by the Keith Mitchell administration to tackle the major problem of housing on the island.
“People have approached us for soft loans to build their houses, so Cabinet decided to establish a soft loan with the sum of two million EC dollars (One EC dollar =US$0.37 cents) allocated for that purpose. Low income earners who wish to construct a house can access this small loan,” Joseph said.
“As you know it is very difficult if you do not have adequate security to get a loan from the commercial institutions. So, a lot of people cannot go to the banks or credit unions to obtain a loan and we see it as part of our responsibility to assist them.”
Joseph estimates that eight out of every 10 people who visit his constituency office seeking help have been requesting housing assistance.
“It is a major problem with respect to housing. Over the next four years we really plan to make a big dent on the problem of housing in Grenada. We feel the decision to put two million dollars in this scheme will go a long way in assisting the needy,” Joseph said.
“It will be a revolving loan, they will have to pay on a monthly basis. So, as the payments start we can extend the facility to other people.”
The Grenada government has also said that it is be building low income houses under a scheme being financed by China.