The Student's Loan Bureau (SLB) has relocated to its new home on the first and second floors of the Sagicor Sigma Building in New Kingston, a move the entity says will cut its cost of operation by 25 per cent or more.
The company was previously located at the NCB Towers on Oxford Road.
Additional floor space
The SLB said its new base provides additional floor space for its clients and operations and mitigates against the "high and increasing rental costs" faced over the years.
"The Sagicor Sigma Building was selected after an extensive search for a suitable location. The location is central and will allow easy access by our customers as it is on the bus route," the SLB said in its written response to Sunday Business.
The bureau has signed a five-year lease agreement with its new landlord, which fixes its rental costs three years, said public relations officer for the SLB, Analisa Downes-Allen.
"The monthly cost is approximately $2.7 million for a larger space, including rent, maintenance, electricity and parking fees," she said, adding that the bureau expects overall cost savings of 25 per cent to 30 per cent.
The cost of the relocation exercise, which was finalised on Tuesday, was well below the budgeted $12 million to $15 million allocated by the bureau for rental, Downes-Allen said. All services will be offered from the new location.
Operations at the Oxford Road location ended on Monday, December 9.
While noting the efficiencies achieved through the advent of its online application platform as well as the 'On the Road' application system, Downes-Allen said the new offices have been configured to suit the high volume of customers the SLB normally receives during its peak periods, with "public parking available within close proximity to the building".
"Further review is being done to see what further improvements can be implemented for the benefit of our customers," Downes-Allen said.