NCB’s announcement was made yesterday along with the release of the banking group’s nine-month results to June 30, 2010, which reflected a 10% increase in net profits (to $8.08 billion). Notably, the bank’s loan portfolio fell by J$3.9 billion to $85.1 billion, which it said was due to a “reduction in the rate of loan growth, as well as the effect of the appreciation of the Jamaican dollar.

In a press release issued yesterday, NCB Group managing director Patrick Hylton said “Our mission of building a better Jamaica can only be strengthened by helping to create a productive Jamaica and to play our part in creating an environment in which economic development and investment can thrive.”

Thus, for the NCB Nation Builder Credit Line, which offers companies as much as $15 million in financing and seven years to repay, the closing date for applications has been extended from April 30, 2010 to June 30, 2010.

For the NCB F.A.R.M. Loan, which offers up to $2 million in financing and seeks to encourage the growth of onions, tomatoes and hot peppers, NCB has extended the introductory period where single digit financing is available until June 30, 2010.

“LEADING financial institutions National Commercial Bank (NCB) and Scotiabank are jostling for the major share of the tight auto loan market, both significantly chopping interest rates and wooing auto dealers over the past few months,” … more

The court heard that between May 27, 2008 and June 24, 2009, Marshall conspired with known and unknown persons in facilitating the preparation of 14 individual loans, using fictitious documents. The loans, which were disbursed, amounted to $10 million. The loans were disbursed to the bank account of four individuals, but were later withdrawn by Marshall, who used the money to purchase four motor cars – which were later recovered.

Marshall was charged for eight counts of causing money to be paid out by forged documents, but was admonished and discharged on four counts. Marshall’s lawyer argued persistently for the magistrate to impose a suspended, or a short custodial sentence, highlighting that his client was “very sorry” for his action. The magistrate in handing down the sentence however, said that Marshall was very conscious of what he was doing, should have known better, and must accept the consequences of his actions.

• Get the support you need to realize your big dreams from NCB’s experienced Business Bankers. We work to understand your business and guide you to success with personalized financial solutions including:
• Business Loans – NCB Business Grow, NCB Merchant Advance, NCB/JEA Export Expansion Facility, NCB Receivables Financing, NCB Commercial Vehicle Loan

Want more information? Talk to a  Business Banker at any NCB branch or call 1-888-622-3477

• Financing at 9%
• Financing for capital expansion and working capital for: (a) Startup businesses registered for less than two years (b) Companies owned and operated by women (c) Established agriculture and manufacturing businesses.

For more details, contact an NCB business banker at your nearest branch or call 1-888-NCB-FIRST

Loan applications for the facility will reportedly open on November 1, and close April 2010 – with special consideration being given to the bank’s existing customers. Available loan sizes will range from a low of $500,000 to a high of $15 million. Borrowers will reportedly be allowed up to seven years to repay, and, subject to negotiations, may also be granted a one-year moratorium on the principal. Once approved, the funds will have to be drawn down within three months, either in multiple disbursements or in a single disbursement.

The sectors reportedly being targeted for this loan fund are manufacturing, agriculture, women in business, and new business ventures.

To qualify for a loan from this 9.0% loan fund, applicants must demonstrate the ability to pay and prove that the company is a registered SME. Disbursements will be in Jamaican currency.