NationGrowth eases back-to-school strain
Correction and Clarification
The sentence ‘’Amounts to be loaned range from $50,000 to $200,000 at no interest rate because NationGrowth is a microfinance, not commercial bank, and its rates are the most competitive in the industry’’, needs clarification. An interest rate is applicable to the ‘Summertime Back To School’ loan product, however, NationGrowth’s clients are loaned funds at some of the lowest and most competitive interest rates in the microfinance sector. We apologise for the misinformation.
Nationgrowth Micro-finance Limited will this summer offer a special 'Summertime Back-to-School Loan Offer' for school fees and a range of school supplies. The special promotion runs from July 1 to September 1.
The initiative was launched from a commitment by the company to help ease the strain and lack of affordability faced by many parents and guardians in sending their children to school. The Summertime Back-to-School programme includes financing for school fees, textbooks and uniforms. NationGrowth will also partner with Sangster's Book Stores who will offer a 10 per cent discount on all school supplies and textbooks sold in the store for persons who are beneficiaries of the programme.
The microfinance company has also struck a partnership with telecoms provider LIME for the opening of Sangster's Book Stores' new location at The Pines, in Portmore, on July 7. LIME will be giving away special prizes and special discounts on phones to parents and students who purchase items at Sangster's on NationGrowth's special loan programme.
Amounts to be loaned range from $50,000 to $200,000 at no interest rate because NationGrowth is a microfinance, not commercial bank, and its rates are the most competitive in the industry.
They are getting started early and borrowers have up to 12 months to repay. No collateral is required but the funds will be disbursed for school-based purchases only. Borrowers must show evidence in the form of a booklist from the school, a voucher confirming school fees, or for uniform purchases (invoice from uniform provider), plus student must be registered in a school are among the criteria for borrowing.
The microfinance company will be offering the most competitive rate in the market coupled with flexible repayment terms. According to Kim Edwards-Hamilton, chief executive officer for NationGrowth, "Loans are structured, we will monitor them to see that loans are being used for the intended purpose. Parents and guardians must be given every opportunity to secure the education of children for the future." Edwards-Hamilton also stated that the loan will cater to adults who are excelling in their academic studies.
NationGrowth commenced operations in December 2007. The company was founded by former banker Aubyn Hill who invited other directors to invest. The company aims to be the leading micro-finance company over the long term by extending effectual financial and related services to micro-entrepreneurs, individuals and businesses in the small medium enterprise sector, and by providing fast turnaround decisions on working capital assistance and responsive customer service at a profit.