JN sees bright future for small enterprises
Gillian Hyde, general manager of JN Small Business Loans (JNSBL), affirmed that the passage of the Micro Credit Act should benefit the micro and small enterprise sector, because it will facilitate better access to credit and support mechanisms, particularly for micro entrepreneurs.
She was addressing a breakout session at the Small Business Association of Jamaica MSME Conference, at the Hilton Rose Hall Resort and Spa, in St James, on July 20.
The session examined the policy framework to allow for best practices and affordable interest rates to entrepreneurs in the sector.
"At JNSBL, we look forward to the soon-to-be-passed Micro Credit Act. We believe it will help to frame and govern our sector, and we are happy that it will soon be a reality," she told the delegates.
The Micro Credit Act will create an authority to regulate micro-credit lending companies, which provide financing to persons who operate in the Micro, Small and Medium-sized Enterprise (MSME) sector. The act will allow the entities to be licensed, while providing measures to protect consumers; and will see adjustments to the Money Lending Act.
"We anticipate a framework within which MSMEs can benefit from a tiered interest rate regime. And with the assistance of the credit bureaus, help to reward clients who fulfil their loan obligations," she said.
"Micro clients are especially attentive to loan repayment requirements and usually seek out affordable terms," she further stated.