SSB Approves $7M Loan to Caribbean Tire 

In September 2024, the Social Security Board (SSB) issued a public notice regarding its proposal to lend $7 million to Caribbean Tire Wholesale Limited. The loan, intended for capital expenditure and cash flow replacement, would have a term of 15 years with an annual interest rate of 6.5%, to be paid in monthly installments.

While the public was given a 10-business-day window to provide feedback on the proposal, many raised their concerns about SSB lending out ‘public funds.’

News 5 confirmed today with the Chief Executive Officer of the SSB, Dr. Leroy Almendarez, that the loan was approved. 

He added that the loan, intended for capital expenditure and cash flow replacement, follows a rigorous assessment process, including ensuring collateral exceeds the loan value.

Dr. Almendarez added that the loan is a vital part of the board’s strategy to ensure the long-term stability of Belize’s social security system. “I can assure people your money is well taken care of,” he said. He added that the interest income from such loans helps prevent the need for increased contribution rates or reliance on government aid.

He also addressed concerns about the board’s financial practices regarding donations for cancer patients. According to Dr. Alemendarez, the SSB is not “giving away money,” but fulfilling its corporate social responsibility that supports the “vision of creating a dynamic social security system.”