“JN Swipe” Eases Rural Loan Access
Rural residents receiving remittances through JN Money Services Limited may now leverage this relationship to access loans for home enhancements, educational, or business purposes with the implementation of the JN Swipe Programme.
Saffrey Brown, General Manager of Jamaica National Build Society (JNBS) Foundation said that access to these loans is being made possible through the new “JN Swipe,” a project to be rolled out in 10 rural communities across Jamaica.
“This project provides users with easy access to loans and loan repayment facilities with our sister JNBS subsidiary company, JN Small Business Loans Limited,” she explained. These residents will be able to access loans to extend their existing home and carry out minor repairs.
Borrowers can access up to $250,000, with a maximum of two years to repay the loan, Ms. Brown explained. “They will be requested to produce evidence of remittances for the previous 12 month period, as well as to demonstrate the percentage of remittances that has gone into savings, or has been used to enhance their lifestyle.”
Ms. Brown said the project, which is being carried out in collaboration with the Inter American Development Bank (IDB), was rolled out in six communities across Jamaica with an additional four communities to come on stream soon. The six communities include: Balaclava and Southfield in St. Elizabeth; Lionel Town in Clarendon; Grange Hill in Westmoreland; Lawrence Tavern, St. Andrew and Yallahs in St. Thomas.
The project will also allow persons who receive remittances to access Education Loans of up to $250,000 with a repayment term of nine months. Those who want to expand their existing businesses may access loans of a similar amount with repayment of over one year.
“This business loan will be granted to persons who are able to demonstrate that they have all the resources to include the requisite premises to operate a company and they must be able to present evidence that a market exists for the goods they produce or services that they provide,” she stipulated. She noted that borrowers will be required to have at least 10 per cent of the loan amount in a JNBS savings account as security, or their remitter needs to provide the funds to guarantee the loan.
“This project allows persons with lower incomes in underserved communities, to build equity,” Miss Brown said. “It will also stimulate other business activities in these communities.”
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