Sagicor offering up to $40m in loans to medical practitioners
Published:Sunday | March 31, 2019 | 12:11 AM
Sagicor Group Jamaica will be offering up to $40 million in unsecured loans to medical practitioners under a product it launched five years ago, but which was largely unknown and with low take-up.
The product, Sagicor Advance, is geared towards medical practitioners seeking to improve their company’s cash flow or those needing access to credit.
“Through Sagicor Advance, providers can access up to $40 million with financial statements, and $10 million without financial statements, payable over a four-year period,” stated Sagicor, which added that clients are offered flexible financing options by way of either an amortised loan, a credit card, or both.
Those entitled to the product include physicians, pharmacies, medical centres, physical therapists, durable medical equipment providers, radiology and diagnostic centres, ambulance service providers, laboratories and nursing homes. The loan may be accessed by any healthcare provider who has been in business for a minimum of 24 months.
Sagicor told the Financial Gleaner that interest rates offered on the facility range from 12 per cent to 14.75 per cent. The rates are in line with other unsecured products but the difference is the large amount that can be accessed.
“Sagicor Advance is Sagicor Bank’s solution to the market’s call from medical practitioners to have a product that supports their growth and development by providing working capital, support, cash flow management or capital expenditure,” Michael Willacy, vice-president of retail, small and medium-sized enterprise and corporate banking at Sagicor Bank explained.
“In medicine, we understand that it is a fast-paced environment that requires quick/rapid action so we ensure that loans are processed and approved quickly,” he added.
Sagicor Group Jamaica is a financial services conglomerate which is listed on the Jamaica Stock Exchange.
The group generated net profit of $3.54 billion for its third quarter 2018 compared to $3.43 billion for the corresponding period in 2017. Over nine months in 2018 profit totalled $8.82 billion and $9.08 billion in 2017 with earnings per stock unit being $2.27 compared to $2.34 in 2017. Shareholders equity stood at $73.4 billion as at September 2018.