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BizGrow for Micro business

Opportunity ID: 
JNBS-2016-39
Institution Type: 
Private Sector
Institution: 
Jamaica National Building Society
Type of Financing: 
Loan
Name of Product: 
Bizgrow
Product Description: 
Loan to expand micro business
Target Industry: 
All industries in the micro sector
Industry of Focus: 
None
Regional Focus: 
All Island
Minimum Amount: 
$30,000
Maximum Amount: 
$1,500,000
Currency: 
Jamaican
Tenure: 

Up to 2 years

Secured or Unsecured: 
Secured
Minimum Interest Rate: 
25% per annum on the reducing balance
Interest Rate Type: 
Fixed
Repayment Cycle: 
Weekly
Qualification Criteria: 

Must be in business for at least 6 months.

Client must be over 18 years old. Valid ID, TRN, 2 recent paspport sized photographs, 2 valid written recommendations (JP, Minister of Religion, School Principal, Senior Police Officer)- the letters should be addressed to JN Small Business Loans 33 1/2 Duke Street, Kingston, dated and recommending the applicant for a loan, Prcesssing Fee of $2330 ( for loans below $500,000), Permits or Licenses were necessary (shops and bars- food permit and spirit licenses, cookshop- food handler's permit, chicken farm- food handler'spermit, hairdressersand barbers- licences), Collateral accepted ( receipts for household appliances and furniture to be used as collateral or an asset declaration form signed and sealed by a Justice of the Peace, Hypothecation of Deposits, equipment used in business, motor vehicle)

Contact: 

Nickeisha Beckford
Tel: 876-948-7454-5

Website: 
Maximum Interest Rate: 
1% per week
Moratorium Period: 
Up to 6 months for loans over $500,000
Fees: 
Processing fees - $2,330.00 for loans up to $500,000.00
Penalties: 
None
Total votes: 863