Scotiabank says it has launched the Scotia Professional Plan (SPP), a banking product for accredited professionals aimed at helping them to set up, manage or upgrade a successful practice.
In a press release, Scotiabank said the SPP was recently introduced to medical and health care professionals and plans are already in place to extend the programme to lawyers, engineers, pharmacists, architects, accountants and other business professionals.
“The Scotia Professional Plan provides accredited professionals with access to the loans needed to set up a business and contribute to the success of their communities,” Amanda St Aubyn, Country Manager, said. She noted that the bank has an experienced team available to provide the advice, services and tools to help these new businesses “discover what’s possible.”
An SPP customer will have access to a credit line, overdraft facility, term loan and a business credit card that will allow them to borrow as much as $50M.
Professionals will also benefit from value-added services. These include customer educational seminars and workshops, free online business tools such as the Scotia Plan Writer for Business and Cash Flow for Business, articles and resources, an online information stop with helpful business tips on how to grow your business/practice or start a new one.
Borrowers must have achieved recognized local or international accreditation in the stated profession and have the necessary licence to practice. Accountants must hold a recognised accounting designation such as CA, ACCA, CPA, CMA or CGA.
“Scotiabank works with business owners and practitioners all over the Caribbean and beyond providing insights and tools to help them confidently manage their businesses at every stage of life,” the release said.
Customers are encouraged to contact their nearest branch for more information.
