Frank Whylie, general manager of JN Small Business Limited.

The JN Small Business Loans Limited (JNSBL) disbursed loans valued at $1.43 billion within a year to March 2008, representing a 34 per cent increase in business, the company has announced.

The number of loans also grew by 10.5 per cent, 34,258 pushed by increased business from the company's handling of the Tourism Enhancement Fund (TEF) and its BizStart and BizBoost products.

"More persons also borrowed to expand their business, and the average size of each loan increased from $20,630 in the previous period to $22,800," said JNSBL general manager, Frank Whylie, in a company release.

The TEF, which the Government contracted to JN for administration, is a loan window for small hospitality businesses to finance repairs to small properties, villas and attractions that were damaged by Hurricane Dean in August last year.

"We provided emergency financial assistance to help most of them get back on their feet," he added.

Strong loan repayment

JNSBL also continued to report strong loan repayment, saying the funds in arrears for more than 30 days was at 2.56 per cent of the total portfolio compared to industry benchmark of 5.0 per cent.

"Women also account for 75 per cent of the loan portfolio; and based on our experience, they are traditionally better at servicing loans than their male counterparts."

During the year, some 3,200 business operators accessed the company's complementary business development services, 81 per cent of them women, JN said.

business@gleanerjm.com