JN Small Business Loans Limited (JNSBL) is now offering motor-vehicle financing, a new market for the company whose clientele has focused on small and micro traders.
The car loans, which are available to anyone, are priced at 14 per cent on the reducing balance.
"As a microfinance institution, we recognise that there are many small business operators who are not able to own assets which are critical to the operation of their businesses, because they are unable to access financing on terms that are favourable to them," said General Manager Frank Whylie.
"This loan can be used to purchase new or used vehicles," he said in a company-issued release.
The company will finance up to 95 per cent of the purchase price for new vehicles and 85 per cent for used cars no older than eight years.
JNBSL, which has been in existence since 2000, is currently crafting a strategic growth plan with the assistance of the International Finance Corporation (IFC) to better position as one of the strongest microfinance companies.
Already JNBSL, a subsidiary of Jamaica National Building Society, offers personal and business loans across its 26 branches, capturing 75 per cent of the micro-loans supply market in Jamaica.
Through various partnerships, the company has build up its pool of loanable funds, the latest being a US$2.5-million loan from the IFC, which was approved in January.