JN initiates 'emergency loans' for small businesses

A GROWING micro business may not generate the level of income that can cover the emergency needs of the entrepreneur, says marketing coordinator at JN Small Business Loans Limited (JNSBL), Donna Irving. Hence, the need for additional financial assistance.

In response to this situation, JNSBL has developed a personal-loan product for its clients and other persons who may need funds, on a timely basis, to respond to emergency matters, she says.

The product was one of several new initiatives being promoted by the company at the Denbigh Agricultural and Industrial Show in Clarendon on the weekend.

"This personal loan is designed to give the recipient 'breathing space' by providing them with access to additional financing," says Irving. "And, while it is accepted that 'personal needs sometimes have to take second place to the requirements of an emerging business, there are some extraordinary circumstances that may arise."

For those 'extraordinary circumstances', persons may access up to $150,000 under the loan product, she explains; and, the collateral needed to secure these funds are flexible. JNSBL accepts motor vehicles as security, but will also accept household furniture, appliances and specialised equipment with serial numbers.

"However, these loans are not limited to business persons, anyone who needs to finance personal business can benefit from the product," she explains. "Qualified persons may borrow funds for a maximum of 50 weeks, with easy repayment terms," she says.

"We recognise the urgency with which people sometimes need funds and understand how difficult it is for persons to access financing. Therefore, we have designed this product to respond to those needs," she stated.