JMMB offers financial lifeline to vulnerable clients affected by COVID-19

JMMB offers financial lifeline to vulnerable clients affected by COVID-19

Wednesday, April 08, 2020

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THE JMMB Group, as a response to easing the financial burdens of its most vulnerable clients who may be threatened by the economic fallout of COVID-19, has extended a lifeline aimed at cushioning possible blows to these businesses.

In a recent release the financial conglomerate said that as a part of its commitment to clients they will be providing financial lifelines in the form of moratoriums, extended credit facilities, and the maintenance of its pre-existing 'no late payments policy' on loans— to those considered to be among the most vulnerable.

Keisha Forbes Ellis, chief executive officer (CEO) of JMMB Investments, said that the group will be partnering with clients to ensure that their sustainability is supported throughout this period, especially given the fact that they remain some of the largest contributors to the economy.

“Both JMMB Bank and JMMB Investments will offer our clients a moratorium on their principal and interest payments, or principal payments off their loans for three and six months, respectively. Thereafter, we will examine our clients' circumstances with a view to assisting them with a financial solution that is in their best interest. These offerings will allow those clients the necessary financial space to retool and regroup from any fall-off in revenue which has resulted from the scaling down of operations and, in most instances, shuttering of their businesses temporarily,” she said.

She noted that by doing this the company will be seeking to help individual and business clients to preserve their financial reputation, credit worthiness, and manage their liquidity and cash flow.

Those considered to be among the most vulnerable and who stand to benefit from these special financial lifelines include entrepreneurs; individuals working in the tourism and transportation sectors; and small and medium-sized enterprises (SMEs) and corporate entities that operate in tourism-related areas such as entertainment, communication and storage, transportation, distribution, manufacturing and construction.

“Individuals who are employed in the tourism and transportation sectors, and who have been impacted by a job loss, temporary layoff or a reduction of income; as well as self-employed people who have been affected by loss of income due to the closure of their business as a result of the COVID-19 crisis, are eligible for 'payment holidays' — which will see these clients being able to defer the payment of interest and principal on their loans, for up to three months, initially which becomes effective on April 1,” the release said.

Forbes Ellis, in touting the groups commitment to overcoming the challenge, mentioned that her team has already begun to reach out to a number of these clients in order to discuss their unique circumstances, strategise, and craft assistance plans.

“We recognise that these are challenging times and so, in addition to helping our clients to have a plan in place to ease the impending financial burden, we want to extend hope and reassure them that we are committed to overcoming this challenge together as a nation,” she added.

MORE ASSISTANCE FOR SMES AND CORPORATES

The CEO of JMMB Bank, Jerome Smalling, also said that business clients, mainly SMEs and large corporates that have been affected by the COVID-19 crisis, can also benefit from other credit facilities offered by the bank, including pre-approved, non-revolving lines of credit and pre-approved term loans, for up to 12 months.

“JMMB Bank will also facilitate other credit offerings such as pre-approved working capital support, temporary overdrafts, and loan top-ups for SMEs and corporate clients hard hit by the current crisis,” he noted.

In keeping with a partnership approach, JMMB Bank will also maintain its pre-existing no-or low-fees policy, to ensure that clients are not further financially burdened.

Smalling further assured clients that the group remains committed to partnering with clients, when needed, as the country copes with the spread of COVID-19 and its impact on individuals, businesses and the economy.

JMMB Group is also sharing financial expertise with clients and the wider investing public, to help them to make sound and informed financial decisions.

As such, JMMB has been hosting a series of webinars on a range of topics, including: Managing Your Cash Flow as an SME during COVID-19 and Keeping Your Investments on Track during COVID-19.

— Kellaray Miles


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