JNSBL signs MOU with Tropicool
JN Small Business Loans (JNSBL) has signed a memorandum of Understanding (MoU) with Tropicool, an air condition unit supplier, to provide up to $300,000 in loan funds for clients of both companies who need to purchase air-conditioning units, refrigeration equipment, spare parts and accessories.
"Based on the terms of this MoU, we have designed a special facility, the Tropicool Loan, ranging from $30,000 up to $300,000, which can be accessed by clients to purchase air conditioning units and other related materials and services," said Ockino Petrie, marketing and promotions manager at JNSBL.
"This product will give clients from both companies a preview to services they could not previously access because the units will be used as 'collateral' for the loan sums," he further outlined.
Petrie also explained that customers will be able to access the Tropicool loan product in a turnaround time of three days.
"We are prepared to disburse these loans in that short turnaround period as long as applicants meet all requirements and all the relevant documents are submitted," he said.
Preferential loan rates
Under the terms of the MoU, clients will receive preferential rates or loan terms being offered by JNSBL, where applicable, during promotional periods. Tropicool will be listed as a JNSBL preferred vendor, and will also refer clients to the air-condition company where the client indicates an interest to purchase Tropicool products.
"This agreement provides more value-added services to our clients - as they seek to grow their operations, and we will be able to enhance their options going forward," Petrie added.
Perry Walker, director at Tropicool, pointed out that the agreement also brings added benefits to his customers.
"Previously, we offered a loan to our customers who were interested in financial assistance for units. Now, this MoU allows us to reach more customers, to facilitate continued access to assistance," Walker stated.
Based on the terms of the MoU, Tropicool will also provide basic JNSBL loan details to its customers and refer prospective clients to JNSBL, with invoices to support their loan requirements.
Tropicool, located in Cross Roads, St Andrew, was established in 1981.The company has representatives in every parish across the country and serves both commercial and residential customers.