Through CrediScotia, the Scotia Group reportedly intends to re-engage itself with a market that it has underserviced for many decades. CrediScotia was launched to specifically provide loans ranging from $60,000 to $850,000 to micro-entrepreneurs, many of whom often have difficulties securing financing and credit through traditional banking channels.

Patsy Latchman-Atterby, head of the Small Business unit at Scotia, said that CrediScotia’s pricing model is going to be risk-based, with interest rates on loans being determined on an individual basis by three parameters – available collateral, past history with financial institutions and character.

NationGrowth MicroFinance offers low interest rates for the following:

• Retail trade/service loan
• Agriculture/manufacturing loan
• Chicken farmers loan
• Personal loan
• Pay day loan

For more information, please call 906-7625 or 618-1843.

Worldnet Investment Company Ltd. is a micro financing company which was incorporated in 1997. Our aim is to provide hassle free personal and business loans through a team of courteous, friendly and reliable staff endeavouring to delight you, our valuable customers. Worldnet has experienced steady growth over the years, and is continuously expanding to meet our clients’ wants and needs for their benefit.

Products and Services offered by WNI:

1. WNI Vehicle Loan – whereas persons who own their vehicle, lien free, can use the vehicle as security to access a loan up to $150,000.
2. WNI Insurance Premium Financing (IPF) – this product is available to every, and anyone who  is insuring a motor vehicle. IPF is offered through a number of insurance brokers, insurance companies and agents islandwide.
3. WNI Salary Deduction Loan – this product is offered to employees of approved employers and is very beneficial to borrowers in that no specific security is required for the loans. Such group of persons include the JCF, JDF, Ministry of Education, JFB, Lasco, Hot 102, Peak Bottling, KCT etc.
4. WNI Bank Direct Loan – this loan facility is available to employed persons who may not be able to secure salary deduction from an employer, or are on our approved list and the salary is credited to the Bank of Nova Scotia.
5. WNI Vehicle Financing & Refinancing Loan – this product is available  to persons who need assistance to purchase a motor vehicle. Or, if you need refinancing. Vehicle purchase can be for personal use or PPV purpose.
6. WNI Biz Loan – this product caters to registered micro or small business operators who’ve been in business for two years or more.

Worldnet Investment Company Ltd. has twelve branches islandwide. Call their head office at 929-9102 or 906-9411 for more information.

According to PM Golding, “We face a problem that we are not able to match good ideas with collateral. Very often, people come forward, they have good ideas, they are well-intentioned, (but) they lack the collateral and very often they are excluded from credit financing.”

The news of the Government’s plans coincided with the retroactive approval of a $150-million loan guarantee from the Development Bank of Jamaica (DBJ) to the Jamaica Business Development Corporation. The loan is repayable over seven years and attracts annual interest of seven per cent; the funds have been on-lent to micro and small-business operators at 10 per cent per annum.

In bringing the resolution, Finance Minister Audley Shaw noted that the loans were repayable over 7 years with a fixed interest rate of 7% per annum, with a moratorium of 12 months on the principal payment.

According to Shaw, “Each project will be examined on its own merit and should prove its viability, demonstrate the ability to service the loan without any negative impact on its operations and the proprietors should invest 30 percent in equity and may access a maximum $15 million for the life of the loan.” He added that the “relatively modest amount forms a part of the government’s larger programme of providing capital for small and micro entities“. Shaw also mentioned that the Government is now seeking to source $2 billion from the Venezuelan PetroCaribe Fund for similar purposes.

According to JNSBL, the new process will enhance customer experience and make things a lot more efficient and customer-friendly, as they will not have to wait in lines to make their payments. Prior to this, customers had to complete vouchers before making payments directly to a teller or cashier at their local JNBS branch or post office; however, with the new JNSBL Eezy Pay card system, they can now make their loan payments utilising a simple four-step process.

According to the RBTT statement, “The fund will provide loans of between US$50,000 and US$250,000 to SMEs at concessionary rates of between 7.5 and 8 per cent per annum. The facility is specifically geared towards providing financial support to the export and productive sectors, including, although not limited to manufacturing, agro business and tourism.“

As a result of the Government’s new initiative, institutions that lend to the MSME sector – such as the Jamaica National (Building Society), Nation Growth (MicroFinance Limited) and Access Financial Services – will be able to access more funds for on-lending. Funding will also be accessible through a number of institutions including Micro Investment Development Agency (MIDA), Development Options Limited (DOL), Pan Caribbean and the Self Start Fund (SSF).

BizGrow Micro Business Loan

Looking to improve your business? This is the perfect loan for micro and small business persons! Use these funds to enhance your business by purchasing fixed assets, raw materials and stock, or provide other forms of working capital.

Loan ranges from J$50,000 to $500,000

Conditions:

• Minimum term 10 weeks
• Maximum term 50 weeks
• Mus be in business for at least one year
• Repeat loans in increasing amounts are based on the repayment record of the client and payment capacity of the business

For more information, contact the JN Small Business Loans Ltd. at 1-888-725-6267 or sblbizloans@jnbs.com