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March 17, 2014
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JNSBL institutes Platinum Premium Club for clients

In fulfilment of its promise to introduce lower interest-yielding loans for clients who have maintained an excellent credit history and strong ties with the company, JN Small Business Loans Limited (JNSBL) has established a Platinum Premium Club for qualifying small business clients who access loans above $501,000.

This initiative is the first step in its commitment to use clients' credit history with the organisation as a basis for determining their risk level, Philip Bernard, general manager said. A similar programme is to come on board for micro clients in the new financial year.

varying interest

The loans will be offered at rates as low as 10 per cent per annum, down from 25 per cent annually; however, the interest will vary, depending on the type of loan and the sector in which the business is operating, in some instances.

"The funds are being provided through a pool established by JNSBL and its partners the Development Bank of Jamaica, National Insurance Fund, the EXIM Bank, Sagicor Bank and the Micro Investment Development Agency, which disburse wholesale funds to the microfinance sector," Bernard disclosed.

He said the 13-year-old company is positioned to offer lower rates to clients, as more than 70 per cent of its borrowers have benefited from in excess of 15 loans.

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