JIS News

The Jamaica National Small Business Loans Limited (JNSBL) recently took its ‘BizStart’ loan product to the parish of St. Ann, where entrepreneurs were educated about the loan facility and how they could access funding.
The loan product, which is available for start-up operations, provides up to $30,000 for trading ventures and $50,000 for projects in the manufacturing and services sectors at an interest rate of one per cent per week. The loan term is between 10 to 30 weeks.
“We will finance any type of business that interested persons are ready to start,” said Thelma Yong, Credit and Risk Assessment Manager at JNSBL.
She told JIS News, that the launch of BizStart was in response to the needs of the entity’s clients. “Persons have been calling and making requests for loans to start their own businesses and so JNSBL has designed a new product in order to reach out to these persons,” she informed.
She noted that unlike the existing BizGrow programme, the funds would not be placed in the client’s bank account.
“With the BizStart, we will be disbursing the funds by means of cheques to the suppliers instead of the clients in an effort to ensure that the funds are used for the business that the client is going to start. When the application for the loan is made, the client must be able to provide us with proforma invoices for the items that they would like to purchase,” she said.
A subsidiary of the Jamaica National Building Society, JNSBL provides a suite of loans for small and micro business sector through its 28 branches throughout the island.
Mrs. Yong informed that there were some 10,000 clients in the JNSBL portfolio. “Since we started, we have disbursed about 58,000 loans for over $1 billion. It is evident that we have been lending to a great extent,” she said.
She stated that the organization has been able to maintain a low level of delinquency and clients have been making steady payments on their accounts.
Mrs. Yong is encouraging interested persons to try and access a loan from JNSBL, as going into business would enable them to determine their future as well as to increase a steady income.