 and consecutive quarterly instalments, and where as the loan payments commence on the first day of January, the first day of April, the first day of July and the first day of October of each year, after a great period of three years following the date of the loan or such a later date as the bank specifies in writing, and where as interest is payable at a rate of 0.75% per annum on the amount of the principal disbuse and as standard, we resolve. While Parliament overrises the Minister of Finance to borrow an amount of US dollars, 3,704,000 from the bank's special development fund 10-cycle loan facility to support the micro-small and medium-sized sector post-COVID-19. The loan is prepared with 88 equal or approximately equal and consecutive quarterly instalments. The loan payments commence on the first day of January, the first day of April, the first day of July and the first day of October of each year after a great period of three years following the date of the loan or such a later date as the bank specifies in writing. Interest is payable at a rate of 0.75% per annum on the amount of the principal disbuse and as standard, passed in the House of Assembly. Mr. Speaker, allow me again to quote from page 47 of my budget address, Mr. Speaker. Mr. Speaker, over the years, access to adequate capital has been a major hindrance to the growth and development of micro-small and medium-sized businesses. This has worsened since the onset of the COVID-19 pandemic and has exposed these businesses to a higher risk of failure. In recognition of this challenge, my government has agreed to assist those businesses in getting on their feet by providing working capital support. Mr. Speaker, I am pleased to announce consistent of our promise in our election manifesto to small business owners that the government will provide much-needed financial support across all sectors of the economy to micro-small and medium-sized businesses in the form of soft loans, grants and technical assistance. The MSME soft loan and grant programme will advance the government's priorities in the areas of generating economic growth, business expansion, sustainability and diversification, employment creation and uplifting the quality of life of solutions. This initiative is targeted to reach 849 registered MSMEs including women and young persons and will provide at least 1698 new jobs. The MSME soft loan and grant programme will be implemented by the Department of Commerce through the Solution Development Bank, a total of EC 10 million has been allocated in this year's estimates for this purpose. The Minister of Commerce will be pleased to provide further details about the programme. In addition, further support has been made available to small and medium enterprises in the form of loan guarantees for loan secured from the foreign institutions, Bank of St. Lucia, SLDB and First National Bank. These guarantees have been provided for the Eastern Caribbean Partial Credit Guarantee Corporation. SMEs are encouraged to make use of these instruments. MSMEs, as promised, we are borrowing from the Caribbean Development Bank at the interest rates of 0.75% MSMEs the make available in the form of loans and grants to small businesses. MSMEs, as promised, we are borrowing from the Caribbean Development Bank at the interest rates of 0.75% MSMEs the make available in the form of loan guarantees for loan secured from the foreign institutions. The Minister of Commerce will elaborate on the loan Mr. Speaker on what financing will be used for. The Minister was instrumental and she and the ministry have worked very hard in getting this sector off the ground and the government is making a direct investment in small businesses Mr. Speaker. It is anticipated that the loan will deal with capital financing in the ratio of 70% loan and 70% grant and 30% loan between $3,700 and $9,200 for each business. It will deal with capacity building project management and project management office Mr. Speaker. Mr. Speaker the loan is going to be administered by the solution development bank and to facilitate this we are going to be as the shareholders of the bank we are going to be increasing the authorized share capital of the bank Mr. Speaker and the administrative fee for the bank will consist of an agreed agency fee of $0.185 million to be paid to the bank for the dismissing of funds, loan processing and subsequent follow-up activities with the clients Mr. Speaker. Mr. Speaker the loan is going to be paid in 18 equal approximately equal and consecutive quarterly instalments is being paid is at 0.75% is being paid over 25 years Mr. Speaker with a grace period of 3 years and the SLDB will make sub loans to qualify entities under the project at the rate of 3% of which 1% will be retained by the SLDB and 2% in addition to the principal amounts. Mr. Speaker I know the small businesses have been waiting for that kind of support and I urge and I also want to tell you that the Ministry of Commerce has also been waiting for the passing of that resolution so they can give much needed support to these small businesses and Mr. Speaker and allow the Minister of Commerce to deal with the fundamentals and the details but I urge members to support. I thank you Mr. Speaker.