Manufactures and exporters will now be able to access increased levels of funding through the Jamaica Exporters’ Association (JEA)/ Jamaica Manufacturers’ Association loan programme.
Under the facility, which is financed by the EX-IM Bank, firms can now access up to $3.5 million. Previously, exporters could borrow up to $2 million, and manufacturers up to $1.5 million.
“We are proud to announce that the EXIM Bank has agreed to allow us to increase the level of funding available under this window,” said General Manager of the JEA, Jean Smith, said.
She made the disclosure during a National Exporters’ Month seminar held on June 13 at the Terra Nova Hotel in St. Andrew under the theme: ‘Key Business Strategies to Build your Brand.’
The loan period is up to 30 months and Miss Smith said the interest rate will remain at 11 per cent “because it is not a secure facility.”
The loan programme provides working capital support to exporters and manufacturers. “We actually assist them in preparing (the) applications and funding can be utilised for small equipment purchase, raw material, (or for) just managing your export receivables,” Miss Smith informed.
The loan is offered on a revolving basis with no collateral required. However applicants must be able to demonstrate their credit-worthiness and their ability to service the loan.
It is available to finance raw material purchases, repayable in 120 days; receivables financing, repayable in 120 days; and light equipment purchase, repayable up to 18 months.
Businesses interested in the loan facility may visit the JEA’s website at www.exportjamaica.org or call them at 960-4908 or 968-5812.
Today’s seminar aimed to provide participants with information on key strategies to build their businesses and strengthen their brands internationally. Topics covered include: brand protection; financing; understanding the export market; and building a band.
The JEA is a non-government members association, which was established in 1966 to promote and support the growth and development of the export sector and is committed to facilitating the growth of Jamaica's exports.
National Exporters’ Month is being observed from June 1-30, under the theme: ‘Celebrating Excellence in Exports’.
By Latonya Linton, JIS Reporter