Sun | Sep 26, 2021

Sagicor Bank offers financing solution to medical practitioners

Published:Monday | April 1, 2019 | 12:00 AM

For medical practitioners seeking to improve their company’s cash flow or those needing access to credit, Sagicor Bank has a financial solution specifically tailored for them. The Sagicor Advance is a product available to all medical practitioners including: physicians, pharmacies, medical centres, physical therapists, durable medical equipment providers, radiology and diagnostic centres, ambulance service providers, laboratories and nursing homes.

Through Sagicor Advance, providers can access up to $40 million (with financial statements) and $10 million (without financial statements), payable over a four-year period. Clients are offered flexible financing options by way of either an amortised loan, a credit card or both. Michael Willacy, vice president – retail, SME and corporate banking, Sagicor Bank, explained that “Sagicor Advance is Sagicor Bank’s solution to the market’s call from medical practitioners to have a product that supports their growth and development by providing working capital, support, cashflow management or capital expenditure. In medicine, we understand that it is a fast-paced environment that requires quick/rapid action, so we ensure that loans are processed and approved quickly”.

The product is available to medical providers settling claims with Sagicor Life Jamaica for a minimum of two years with average annual settlements of a minimum of $800,000 over the last two years and in business for a minimum of two years. To access this service, Sagicor Bank is encouraging prospective clients to email SBJ_SMEbusinessbanking@sagicor.com, where a business banker will contact you. Interested parties must also provide their last six months bank statements and open a business bank account with Sagicor Bank.