You have been hired as consultants to research, report and present to a senior management team interested in what is currently happening in the Caribbean market, over the last three years. The senior management team would like guidance based on the two scenarios presented below. This guidance should support their strategic policy decisions over 2-3 years. You are advised to make assumptions where necessary, based on your expertise as consultants in credit analysis and lending.

Scenario 1: Gateway has a strong history of serving customers as Corporate Investment Managers in St.Lucia, St.Vincent and the Grenadines, St. Lucia and Trinidad. It is interested in strengthening its relationship with Entrepreneurs in these countries by providing lending services. Gateway recognizes the need and demand for financing of Small Medium Enterprises. However, the Gateway management team realized that before it could scale up the capacity of its financial services department and introduce new lending programs, it needed strong credit and lending policies and procedures in place. To date, Gateway has no loan policies or procedures for Small Medium Enterprises. Given the scenario, develop and outline at least three critical elements needed for its loan policies and procedures. Given the current economic environment, what are three critical requirements Gateway should include in the possible loan products for the Small Medium Enterprises?