Basseterre, St. Kitts – July 13, 2012 (SIDF)

Citizens of St. Kitts and Nevis will soon be able to apply for a residential loan up to EC$500,000.00 at a fixed annual interest rate of 5%. The Sugar Industry Diversification Foundation (SIDF) established the Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH) and the Equity Assistance Fund (EAF) in partnership with indigenous financial institutions earlier this year. Terms and conditions have recently been revised to make the Funds more attractive to prospective homeowners.

A grand exposition has been planned to launch the FREESH and the EAF. The event takes place in St. Kitts on Tuesday, July 24, 2012 from 1:00 p.m. to 6:00 p.m. at the St. Kitts Marriott Resort, and in Nevis on Wednesday, July 25, 2012 from 1:00 p.m. to 6:00 p.m. at Occasions. Persons desirous of constructing a new home are invited to attend the exposition to meet with loans officers, contractors, architects, housing developers, suppliers of building materials and other service providers in the home construction sector. At both expositions, an interactive presentation will be made by a qualified, experienced architect and planner on the topic: Planning a Home: Be Aware and Beware.

Following the exposition, citizens may apply to the Development Bank of St. Kitts and Nevis, FINCO, Bank of Nevis or the St. Kitts Co-operative Credit Union for a residential mortgage under the new terms and conditions. All applications must be submitted through the SIDF website – www.sknsidf.org.

The main goal of the Funds is to encourage expansion in the construction sector and to provide loan capital through participating financial institutions to middle to low income citizens. Ten million Eastern Caribbean dollars has been allocated to the FREESH, and one million Eastern Caribbean dollars has been reserved for the EAF.