Term Finance (Jamaica) Limited launches COVID relief loan programme

In light of ongoing developments with COVID-19 and its impact on Jamaica’s current economic climate, Term Finance (Jamaica) Limited, an associated company of PanJam Investment Limited, is offering a pre-approved COVID Relief Loan to employees of organisations who enrol in the relief programme, including those who have been temporarily laid off.

According to Term Finance’s Country Manager Ingrid Mackay: “This product is designed to work in tandem with our Government’s relief programmes, collectively lessening the impact on employees’ disposable incomes.”

To enrol, companies are required to send an email expressing interest on behalf of their employees to covidrelief@mytermfinance.com. Term Finance has asked that the email includes:

• Name of business

• Name of business proprietor/chief executive officer/managing director

• Contact details for business proprietor/chief executive officer/managing director

• Total number of employees paid monthly

• Total number of employees paid hourly

Term Finance operates a completely web-based system, allowing employees to apply from the safety of their homes. Once an employee qualifies under the COVID relief programme, they should receive funds in their bank accounts within hours of applying.

“This is an opportunity to demonstrate the power of our technology and show the market that the Term Finance team remains committed to serving our customers through even the most difficult times,” said Oliver Sabga, chief executive officer of Term Finance.

Term Finance’s COVID relief offering has been simplified into pre-approved loans of J$30,000 or J$60,000 to employees who have worked for enrolled companies for greater than one year and three years, respectively. These loans will be repaid in six equal monthly instalments of J$5,750 for the J$30,000 loan and J$11,500 for the J$60,000 loan. These payments will begin in June 2020. Term Finance will exercise flexibility in dealing with employees who are unable to return to work by June 2020.

Thus far, the COVID relief programme has been offered to a handful of businesses who collectively employ in excess of 10,000 employees, but Term Finance remains open to enrolments from other local businesses who meet their partnership criteria.