Loans Jamaica

According to a study (which was conducted and completed towards the end of 2008) that was done by the Tropical Medicine Research Institute at the University of the West Indies, Mona, being a Jamaica National (JN) Small Business Loan (JNBSL) beneficiary can significantly improve your standard of living.

The research team, which ws led by Professor Terrence Forrester (director of the institute), found that small business loan beneficiaries were better off economically than others in their community who were not loan recipients. Thus, JN Small Business Loan borrowers are actually able to spend more per annum, and more of them own a home. The population sample for the study was 757 adults – who each received a JN BizGrow Loan two years or more prior to the survey. They all had children aged six to 16 years, and were chosen randomly from the parishes of Kingston, St. Andrew and St. Catherine. Each borrower was matched with 757 other non-beneficiaries of a similar age and gender who lived in the same communities as the beneficiaries.

More detailed findings of the study:

• Borrowers had significantly more durable goods, including washing machines, stereo equipment and computers than others in their community who were not loan recipients.
• Borrowers were better off economically, and spent more money educating their children.
• Sons of loan recipients were less likely to stop attending school because of money problems or due to a lack of interest in learning.
• Loan beneficiaries were less likely to report money problems as a reason for not purchasing their children’s required textbooks than non-loan recipients.
• Loan recipients spent on average 7.5% more more on their children’s education than non-recipients.
• Borrowers spent 49% more money annually on consumption goods than non-beneficiaries.

Interested in getting a small business loan from Jamaica National? Contact your nearest Jamaica National Building Society branch, and ask to speak to the small business loan officer.