PURPOSE: To assist micro entrepreneurs who have been operating for at least 6 months to expand their businesses.
- Financing for micro businesses range from $30,000 to $500,000
- Financing for small businesses range from $501,000 to $1,500,000
- Client must be over 18 years of age
- Term of 10 to 50 weeks for micro businesses
- Loan term of up to 24 months for small businesses
- Valid Identification (passport, National ID or drivers’ license)
- Tax Registration Number (TRN)
- 2 recent passport size photographs
- 2 valid Written Recommendations (Justice of the Peace (JP), Minister of Religion, School Principal or Senior Police Officer)
- The letters must be:
- Addressed to JN Small Business Loans 32 1/2 Duke Street, Kingston
- Recommending you for a loan
- Processing fee of $2,800 is charged upon disbursement of loan (for loans below $500,000
- Processing fee of 2% of value plus GCT is charged upon disbursement of loan.(for loans above $500,000)
- Permits or Licenses where necessary e.g.
- shops & bars (food permit & spirit license),
- cook shop (food handlers’ permit),
- chicken farm (food handlers’ permit),
- Hairdressers & Barbers (Hairdressing/Barbering/Cosmetology licenses).
- Receipts for Household appliances and furniture to be used as Collateral e.g. (TV, Stove, Washing Machine, Fridge, Freezer, Component set, Sofa, Dining Table, Chest of Drawers) or an Asset Declaration form, signed and sealed by a Justice of the Peace (JP)
- Hypothecation of Deposits
- Equipment used in business
- Motor Vehicle