Celebrating the financing agreement

WILLEMSTAD--Dutch Caribbean hardware chain Kooyman is spreading its wings in the English-speaking area by opening a Megastore in Barbados, where CIBC FirstCaribbean’s head office is based.

The regional bank has provided a US $20-million loan and working credit line to Kooyman to build the complex at Kendal Hill in the parish of Christ Church. Construction started last February, and the store is due to open in the first quarter of 2020.

With the addition of this new location, Kooyman will have seven stores spread throughout the islands.

“We are proud that CIBC FirstCaribbean could assist Kooyman with its expansion in the region. Kooyman is one of the most reputable companies in the Dutch Caribbean and I applaud the entrepreneurship of Kooyman’s leadership team showcased by this expansion,” said Pim van der Burg, Managing Director Corporate & Investment Banking.

Herbert van der Woude, Chief Executive Officer (CEO) of Kooyman, said, “It was a pleasure working with the team of CIBC FirstCaribbean; they provided excellent support to Kooyman and provided financing for this very important expansion in a market that was new to us.”

After completion of the Megastore, CIBC FirstCaribbean will continue servicing Kooyman Barbados with its different banking products.