Grenada’s Economic Development Minister Oliver Joseph said that the Grenada government allocated the sum of $2 million dollars for a soft loan scheme to assist low-income earners to construct their houses.
According to the minister, the soft loan scheme is part of a wider initiative by the Keith Mitchell Administration to tackle the major problem of housing in Grenada.
“People have approached us for soft loans to build their houses, so Cabinet decided to establish a soft loan with the sum of $2 million dollars allocated for that purpose. Low income earners who wish to construct a house can access this small loan,” Minister 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.”
Minister Joseph estimates that eight out of every ten persons who visit his constituency office seeking help have been requesting housing assistance.
Government, under a programme with the Chinese government, will also be building additional housing units. “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 $2 million dollars in this scheme will go a long way in assisting the needy,” Minister 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.”
source: Government Information Service