JN Small Business Loans Adds Three New Branches to its Network
As part of a strategic move to serve a larger segment of the country’s more than 460,000 micro entrepreneurs, the largest micro lender in Jamaica, JN Small Business Loans Limited (JNSBL) has announced the addition of three new branches.
The three additional branches increases to 29 the number of JNSBL locations across the island. The first of the three branches was officially opened at Shop 1, in Jerry’s Complex at2 Molynes Road, in Half-Way-Tree, St. Andrew, on Friday, July 27.
Frank Whylie, General Manager, JNSBL explained that the other branches will be officially opened in Black River, St. Elizabeth and May Pen, Clarendon; and that this expansion will allow clients to conduct business in a context that removes them from banking halls, which are sometimes crowded.
“These branches are located in our largest and busiest regions, where our loan portfolio continues to perform well,” Mr. Whylie affirmed, “our surveys also point to a growing number of entrepreneurs in these regions, who are in need of financing at favourable rates.”
And, he indicated that these new locations fall under JNSBL’s Regions One, Three and Four, which together represent 45 percent of the value of the 24, 630 loans disbursed by the company in the last fiscal year.
He maintained that while clients can continue to make payments through the JNBS and Post Office locations using the JNSBL Eezy Pay swipe card system, “the new branches will provide a more comfortable setting in which micro entrepreneurs can apply for our loan products.”
And, he indicated that JNSBL has already increased its cadre of field officers to facilitate the expansion.
Last year JNSBL disbursed more than 24,630 loans valued at $2.1 billion after it increased the loan amount under its BizGrow facility to a maximum of $400,000 and reviewed its repayment terms to allow clients more flexibility in making payments. The company also added an education and personal loan to cater to entrepreneurs’ needs beyond their businesses and recently introduced a motor vehicle loan product.
“This loan may be used to purchase new or used vehicles,” Mr. Whylie explained. “And, we provide up to 95 percent of financing for new vehicles and 85 percent of the cost for used vehicles depending on the age of the automobile.” He said that used vehicles cannot be older than eight years old.
“The mantra of our organisation is centred on delivering accessible credit to assist the base of the social pyramid by improving their lives. Therefore, we continually seek to provide the products, services and facilities that meet our clients’ best interest,” Mr. Whylie pledged.
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