IFC approves loan to JN Small Business
Correction & Clarification
In this article, we incorrectly stated that JNSBL has distributed $5.2 million of Development Bank of Jamaica funds and J$25.5 million of National Insurance Fund funds. JNSBL says the correct figures are J$196 million and J$99.55 million, respectively.
We regret the error.
The International Finance Corporation (IFC) has approved a US$2.5-million loan to Jamaica National Small Business Loans Limited (JNSBL).
The funds were approved at the end of January.
Frank Whylie, general manager of JNSBL, said he was not able to discuss the details of the loan until all the paperwork had been finalised.
JNSBL, a subsidiary of Jamaica National Building Society, has disbursed at least 274,393 loans valued at approximately J$13 billion since its inception in 2000.
The IFC documents disclosed that JNSBL controls approximately 75 per cent of the micro-loans supply market in Jamaica.
JNSBL is headquartered in Kingston but operates nationwide through 26 branches covering all 14 parishes.
JNSBL also strengthened its relationship with the Tourism Enhancement Fund (TEF) in February last year, launching a new loan product targeted at suppliers to the tourism industry.
The TEF loan provides access to funding of up to J$5 million to industry participants.
The microfinance company also maintained its partnership with other entities such as the Development Bank of Jamaica and the National Insurance Fund, distributing J$196 million and J$99.55 million, respectively, in loans from funds provided by both institutions to the small business community.