Paying for an education often depletes savings, pushing parents and independent students to seek alternative sources of financing, said Donna Irving, marketing coordinator at JN Small Business Loans Limited (JNSBL), the JN Group's microfinance subsidiary.

The Company recently introduced its education-loan product to clients and other small-business operators at a town hall Meeting, held at the St Gabriel's Church Hall in May Pen, Clarendon.

The loan product is designed to cover school fees, purchase of school supplies, a computer, or to pay external-examination fees.

"We have targeted the loan to meet student needs at the three basic levels of the educational system," Irving said. "Therefore, parents and guardians with children attending primary, secondary or tertiary institutions can secure loans up to $150,000 to meet their educational requirements."

She noted that, today, we must be prepared to invest in the best educational opportunities available, and if parents do not save, then they have the option to fund their dreams and their children's aspirations through the facilities being offered by JNSBL, as well as other financial institutions, private and public, which offer special loans to assist funding for education.

"The JNBSL loan is designed to fill gaps that very often arise," Ms Irving explained, "as, many times, students are enrolled in school and parents and guardians are not sure how they will meet the ongoing expenses."

The JNSBL education loan may be accessed for a maximum of 50 weeks. The collateral required to secure the funds are also flexible, Ms Irving explained. Motor vehicles, household appliances and furniture specialised equipment with serial numbers are all acceptable collateral for this facility.

"If we are going to improve our country, we need to identify ways to ensure our children are provided with equal educational opportunities, and funding plays a major part in that objective. Therefore, JNSBL is prepared to improve everyone's access to funding," the marketing coordinator affirmed.