jamaica national small business loans

8/3/2019 Jamaica National Small Business Loans

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BRIEF OVERVIEW

JAMAICA NATIONAL SMALL BUSINESS LOANS LIMITED (JNSBL)

Jamaica National Small Business Loan Limited is a subsidiary of Jamaica Nation

Building Society, and started operating on October 1, 2000. The loan facility can be accessed

from thirty (30) locations island wide with at least one (1) office in all fourteen (14) parishes in

Jamaica. JNSBL also offers borrowers free training in basic business operating procedure

through the Jamaica Business Development Corporation (JBDC). Loans are approved within

seven to ten (7 10) working days after the date of application.

MISSION

Its mission is to deliver innovative and accessible credit, in a timely and profitable

manner, to small business owners who have limited access to loans from traditional banking

sources.

VISION

Its vision is to contribute to the sustained growth and development of Jamaicas micro

and small business sector while increasing and improving economic and social status of its

clients.

MANTRA

We mean big things to small businesses.


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TYPES OF LOAN

1. BIZ GROWThis loan is offered to micro and small business persons to enhance their business by

purchasing tools, equipment, raw materials, stock or for any other business purpose. Individuals

are able to access a minimum of thirty thousand dollars ($30,000) and a maximum of four

hundred thousand dollars ($400,000) with a maximum term of fifty (50) weeks to repay.

2. BIZ EVENTSThis loan is offered to micro entrepreneurs who wish to capitalize on seasonal events such as

Mothers Day, Fathers Day, Valentines Day, Christmas etc. The maximum loan amount is fifty

thousand dollars ($50,000) and must be repaid within ten (10) weeks following the special event.

The loan must be taken up at least two (2) weeks prior to the special event.

3. PERSONALThis loan can be accessed to fund medical emergencies, funeral expenses, wedding expenses

or to purchase household assets.

4. EDUCATIONALAvailable to individual with small or micro business for payment of tuition fees,

examination, fees, purchasing of computers, books and any other school related expense.

5. TOURISM ENHANCEMENT FUND (TEF)The Tourism Enhancement Fund (TEF) Development Loan is available to assist small hotel,

attractions, villas and apartment owners in Jamaica to expand and develop their properties. The


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maximum amount available is three million dollars ($3,000,000) with a maximum of five (5)

years to repay.


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GENERAL REQUIREMENTS AND DOCUMENTS NEEDED FOR OPENING A JNBS

ACCOUNT IN ORDER TO ACCESS THE LOAN AMOUNT

Be at least eighteen (18) years old Be of sound character P

roduce two (2) passport sized pictures Tax Payer Registration Number (TRN) Valid Identification(Electoral Identification, National Identification, Drivers License or

Passport) Four references

o Two writteno Two telephone

References must be obtained from a Justice of the Peace (JP), Pastor, School Principal, or SeniorPolice Officer.

GENERAL REQUIREMENTS FOR LOANS

COMPANYy Certified copy of Certificate of Incorporationy Certified copy of Memorandum ofAssociationy Certified copy ofArticle ofAssociationy Certified copy of TRN of the Company, its Directors and Managersy NIS Number of the Company & Directors/Managersy Resolution to Borrow

PARTNERSHIPy

Certified copy of Business Registration Certificatey Partnership Agreementy NIS & TRN number forPartnershipy TRN forPartners & NIS numbers

SOLE TRADERy Certified copy of Business Registration Certificatey TRN for the Owner of the Business NIS number for the Owner

OTHER REQUIREMENTS (where applicable)y In-house Financial Statements for the last three (3) years for established companiesy Copy of the latest Tax Compliance Certificate (TCC)y Personal Statement ofAffairs (Form will be provided by JNSBL)y A Certificate of Good Standing from the Registrar of Companiesy Credit Report from present Bankersy Reference from Jamaica Hotel & Tourist Association (JHTA) or TEF or JTBy Pro-forma Invoices of the items to be financedy Last three (3) months Bank Statements


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JN Member Benefits

Exclusive JN Member Benefits

JNBS philosophy is to give our members the best possible value for membership. This is

achieved by providing excellent customer service and giving our members access to free and

discounted services. The benefits that members currently receive are shown below:

JN Member Benefits

y Free ATM transactions at any JN ATM in Jamaicay Free Money Transfer Card transactions at any JN ATM in Jamaicay Free Point of Sale transactions at participating merchants in Jamaicay Free Internet bankingy Merchant discounts linked to Teller 24/7 ATM and Money Transfer cards (Show Your

Card & Save)

y Low money transfer feesy Expansive network of money transfer agents locally and overseasy Saturday opening at JN Money Shop locationsy Competitive mortgage ratesy Convenient access to NHT benefitsy Access to an affordable group health plan (JN Health)y Discounts from NEM Insurance - JN members receive a 20% discount on motor

insurance)


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y Discounts from the Jamaica Automobile Association (JAA) JN members receive a 10%discount on membership fees.

y Special benefits for JN Mortgagey Free Health Insurance (JN Health) for one yeary Free JAA membership for one year (roadside assistance)y Discount on Home Security Systemy Free Mammogram Jamaica Cancer Societyy No processing fees


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Broadcast strategy (video, television, radio, multimedia)

Video clips are small portions of a larger video presentation.

Advantages of using video clips

1. They are an interesting and entertaining way of introducing content and raising issues2. They can provide a foundation for class discussion3. They can provide illustration for several contexts4. They usually keep group attentive5. Stimulates discussion

Disadvantages of using video clips

1. Students may become passive receptors2. They only work best when used with other strategies such as group discussions and other

follow up activities

3. There may be audio or video difficulties4. Technical problems/difficulties


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QUESTIONS

1. Name ONE subsidiary of Jamaica National2. How many locations of JNSBL can be found in Jamaica?3. How many days does it take for a loan to be approved?4. Name THREE types of loans provided by JNSBL?5. List FOUR documents used to open a new account6. Provide TWO benefits of membership7. State THREE places in Mandeville you can get a discount with your JN card.


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REFERENCES

http://www.youtube.com/watch?v=T_g4tC5XEVI

http://www.jnbs.com/dynaweb.dti?dynasection=subsidiaries&dynapage=jnsbl-whoweare

Jamaica National Small Business Loans Limited, Mandeville Plaza, Manchester, 962-1159, 906-5343


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Objectives

Outline the essential steps that should be taken in establishing a business

Identify sources of information for conducting research into the establishment of businesses

Identify regulated practices instituted by governments for the establishment of different types ofbusinesses

Identify sources of capital for the setting up of a business

Outline the features of a business plan

Name some reasons for wanting to start a business:

Desire for financial independence

Self fulfillment

Self actualization

Name two types of business

Sole trader

Partnership

jamaica national small business loans

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