Businesses benefit from 9% financing, says NCB
NATIONAL Commercial Bank (NCB) says businesses have already started to benefit from its Nation Builder Credit Line.
“We have been heartened by the take-up of the loans, which are primarily to businesses in the agricultural and manufacturing sectors, we know that the financing is helping our customers move to the next level in developing their businesses,” Bernadette Barrow, NCB’s assistant general manager of small and medium enterprises (SMEs), said in a press release on Thursday.
“We are pleased that we have been able to support business customers in a tangible way, helping them in their efforts to become more productive,” she said.
Alex Dougall, owner of Dougall Flooring Limited and said to be one of the beneficiaries of the Nation Builder Credit Line, explained in the release that his company is using the funds to purchase “state of the art” multi-locking door and window hardware from Oerti of Switzerland.
“This level of technology has never been offered before by a joinery company in the Caribbean. Market prospects are very strong both for the Jamaican and Caribbean markets,” said Dougall.
Dougall also added that Dougall Flooring is already working on export orders into Barbados and Turks and Caicos with several other orders expected shortly.
In November 2009, NCB introduced the credit line which offers financing at an interest rate of nine per cent per annum. Funds are available to support capital expansion and working capital for start-up companies, businesses owned by women and companies in the agricultural and manufacturing sectors.
The facility, said the release, will be available to SMEs until April 30, 2010. The funds may be accessed in tranches or taken at one time, depending on the needs of the borrower. Companies can access up to $15 million in financing with seven years to repay. NCB is also offering a moratorium of up to a year on principal payments.
“NCB will continue to find ways to help our customers to be more efficient and innovative as well as creating value and new opportunities for them. We are continually enhancing our SME offering with innovative products and services in order to provide greater value for SMEs,” said Barrow.
