Loans Jamaica

Jamaica Money Market Brokers (JMMB) yesterday reduced rates on all its existing loans by two percentage points, and has dropped rates across all loan offerings going forward. JMMB announced that it has cut rates “to as low as 16.95 per cent across their entire portfolio of loan offerings for new loans — motor vehicle, home equity, personal, education, SMEs and business loans.”

In a press statement issued earlier today, JMMB group CEO Keith Duncan said “The new interest rate regime, facilitated by the Jamaica Debt Exchange (JDX), reopens many opportunities for a range of attractive financing and investment options for individuals and SMEs and JMMB has decided to pass on said benefits to both new and existing loan holders. JMMB’s Credit Unit is focusing on effectively partnering with individuals and SMEs in offering and/or providing access to low interest loans with a more simplified and welcoming approach.”

In light of the Government’s “reduced appetite for financing from the local market” JMMB said that it is now ready to explore options that pay, including providing commercial paper to companies that are seeking cheaper and more innovative means of financing than what currently prevails.

JMMB’s credit manager, Diane Bolton, said “We understand the acute challenges that entrepreneurs and business owners face in dealing with the traditional banking approach to financing SMEs. This partly accounts for the present low take-up of focused initiatives to support them. In recognition of this, our credit team is configuring its service delivery to provide the best value for total cost as well as to enable careful review of the businesses and identify/recommend resources to bolster the companies so they can better achieve their objectives — overall helping to make the process less painful.“