Jamaica National Small Business Loans
Content
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 Jamaica¶s micro and small business sector while increasing and improving economic and social status of its clients. MANTRA We mean big things to small businesses.
TYPES OF LOAN 1. BIZ GROW This 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 EVENTS This loan is offered to micro entrepreneurs who wish to capitalize on seasonal events such as Mother¶s Day, Father¶s Day, Valentine¶s 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. PERSONAL This loan can be accessed to fund medical emergencies, funeral expenses, wedding expenses or to purchase household assets. 4. EDUCATIONAL Available 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
maximum amount available is three million dollars ($3,000,000) with a maximum of five (5) years to repay.
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 Produce two (2) passport sized pictures Tax Payer Registration Number (TRN) Valid Identification (Electoral Identification, National Identification, Driver¶s License or Passport) Four references o Two written o Two telephone References must be obtained from a Justice of the Peace (JP), Pastor, School Principal, or Senior Police Officer. GENERAL REQUIREMENTS FOR LOANS COMPANY y Certified copy of Certificate of Incorporation y Certified copy of Memorandum of Association y Certified copy of Article of Association y Certified copy of TRN of the Company, its Directors and Managers y NIS Number of the Company & Directors/Managers y Resolution to Borrow PARTNERSHIP y Certified copy of Business Registration Certificate y Partnership Agreement y NIS & TRN number for Partnership y TRN for Partners & NIS numbers SOLE TRADER y Certified copy of Business Registration Certificate y 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 companies y Copy of the latest Tax Compliance Certificate (TCC) y Personal Statement of Affairs (Form will be provided by JNSBL) y A Certificate of Good Standing from the Registrar of Companies y Credit Report from present Bankers y Reference from Jamaica Hotel & Tourist Association (JHTA) or TEF or JTB y Pro-forma Invoices of the items to be financed y Last three (3) months Bank Statements
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 y y y y
Free ATM transactions at any JN ATM in Jamaica Free Money Transfer Card transactions at any JN ATM in Jamaica Free Point of Sale transactions at participating merchants in Jamaica Free Internet banking Merchant discounts linked to Teller 24/7 ATM and Money Transfer cards (Show Your Card & Save)
y y y y y y y
Low money transfer fees Expansive network of money transfer agents locally and overseas Saturday opening at JN Money Shop locations Competitive mortgage rates Convenient access to NHT benefits Access to an affordable group health plan (JN Health) Discounts from NEM Insurance - JN members receive a 20% discount on motor insurance)
y
Discounts from the Jamaica Automobile Association (JAA) ± JN members receive a 10% discount on membership fees.
y y y y y y
Special benefits for JN Mortgage Free Health Insurance (JN Health) for one year Free JAA membership for one year (roadside assistance) Discount on Home Security System Free Mammogram ± Jamaica Cancer Society No processing fees
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 issues 2. They can provide a foundation for class discussion 3. They can provide illustration for several contexts 4. They usually keep group attentive 5. Stimulates discussion Disadvantages of using video clips 1. Students may become passive receptors 2. 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 difficulties 4. Technical problems/difficulties
QUESTIONS 1. Name ONE subsidiary of Jamaica National 2. 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 account 6. Provide TWO benefits of membership 7. State THREE places in Mandeville you can get a discount with your JN card.
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
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 of businesses 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 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 Jamaica¶s micro and small business sector while increasing and improving economic and social status of its clients. MANTRA We mean big things to small businesses.
TYPES OF LOAN 1. BIZ GROW This 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 EVENTS This loan is offered to micro entrepreneurs who wish to capitalize on seasonal events such as Mother¶s Day, Father¶s Day, Valentine¶s 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. PERSONAL This loan can be accessed to fund medical emergencies, funeral expenses, wedding expenses or to purchase household assets. 4. EDUCATIONAL Available 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
maximum amount available is three million dollars ($3,000,000) with a maximum of five (5) years to repay.
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 Produce two (2) passport sized pictures Tax Payer Registration Number (TRN) Valid Identification (Electoral Identification, National Identification, Driver¶s License or Passport) Four references o Two written o Two telephone References must be obtained from a Justice of the Peace (JP), Pastor, School Principal, or Senior Police Officer. GENERAL REQUIREMENTS FOR LOANS COMPANY y Certified copy of Certificate of Incorporation y Certified copy of Memorandum of Association y Certified copy of Article of Association y Certified copy of TRN of the Company, its Directors and Managers y NIS Number of the Company & Directors/Managers y Resolution to Borrow PARTNERSHIP y Certified copy of Business Registration Certificate y Partnership Agreement y NIS & TRN number for Partnership y TRN for Partners & NIS numbers SOLE TRADER y Certified copy of Business Registration Certificate y 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 companies y Copy of the latest Tax Compliance Certificate (TCC) y Personal Statement of Affairs (Form will be provided by JNSBL) y A Certificate of Good Standing from the Registrar of Companies y Credit Report from present Bankers y Reference from Jamaica Hotel & Tourist Association (JHTA) or TEF or JTB y Pro-forma Invoices of the items to be financed y Last three (3) months Bank Statements
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 y y y y
Free ATM transactions at any JN ATM in Jamaica Free Money Transfer Card transactions at any JN ATM in Jamaica Free Point of Sale transactions at participating merchants in Jamaica Free Internet banking Merchant discounts linked to Teller 24/7 ATM and Money Transfer cards (Show Your Card & Save)
y y y y y y y
Low money transfer fees Expansive network of money transfer agents locally and overseas Saturday opening at JN Money Shop locations Competitive mortgage rates Convenient access to NHT benefits Access to an affordable group health plan (JN Health) Discounts from NEM Insurance - JN members receive a 20% discount on motor insurance)
y
Discounts from the Jamaica Automobile Association (JAA) ± JN members receive a 10% discount on membership fees.
y y y y y y
Special benefits for JN Mortgage Free Health Insurance (JN Health) for one year Free JAA membership for one year (roadside assistance) Discount on Home Security System Free Mammogram ± Jamaica Cancer Society No processing fees
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 issues 2. They can provide a foundation for class discussion 3. They can provide illustration for several contexts 4. They usually keep group attentive 5. Stimulates discussion Disadvantages of using video clips 1. Students may become passive receptors 2. 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 difficulties 4. Technical problems/difficulties
QUESTIONS 1. Name ONE subsidiary of Jamaica National 2. 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 account 6. Provide TWO benefits of membership 7. State THREE places in Mandeville you can get a discount with your JN card.
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
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 of businesses 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
