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Entrepreneur Ann-Marie Daley cuts the ribbon to officially open JN Small Business Loans Limited's new May Pen branch inside the Bargain Village Plaza in the Clarendon capital. Sharing the occasion is, from left: Thelma Yong, credit and risk assessment manager, JNSBL, and Frank Whylie, general manager, JNSBL. - Contributed
A new branch of JN Small Business Loans Limited (JNSBL) was officially opened in May Pen, Clarendon, on August 24, to meet the growing needs of micro and small business entrepreneurs in central Jamaica.
Located in the Bargain Village Plaza in May Pen, it is the second of three new branches established in regions with growing demands for micro and small business financing. The loan company opened a new branch in Half-Way Tree, St Andrew, in late July and is set to officially open another location in Black River, St Elizabeth, this month.
"These branches are located in our largest and busiest regions, where our loan portfolio continues to perform well," Whylie stated. "Our surveys point to a growing number of entrepreneurs in these regions, who are in need of financing to expand their operations."
Whylie 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 and small business entrepreneurs can apply for our loan products".
He indicated that JNSBL has already increased its cadre of field officers to facilitate the expansion.
The new locations fall into zones which represent 45 per cent of the value of the 24,630 loans disbursed by the company in the last fiscal year, Whylie said. To facilitate business expansion, the company increased the offering for its BizGrow facility and now offers loans up to $1 million. The repayment terms for this loan product was also reviewed to allow clients more flexibility in making payments, as they now offer weekly, fortnightly and monthly repayment terms.
JNSBL also added Education, Personal, Agricultural and Motor Vehicle loans to its suite of products to better respond to the needs of the micro enterprise sector beyond their businesses demands.
"The mantra of our organisation is centred on delivering accessible credit to assist persons at the base of the pyramid to improve their lives. Therefore, we will continually seek to provide the products, services and facilities that meet our clients' best needs," Whylie pledged.
