FIRST Global Bank (FGB) has set up a loan facility that will provide short-term funds to investors who have seen the maturity date on their bonds extended, by the recent debt exchange.

All holders of domestic bonds — fixed or variable rate, as well as US dollar — are eligible to apply for a Bond Extension Support Loan.

The loan carries a very attractive interest rate, according to the bank.

“While FGB understands the necessity of the National Debt Exchange (NDX), we are cognisant of the fact that there are some persons whose bonds would have originally matured in the next few months/years, and who may now be without that expected source of income, as the maturity dates have been pushed back,” said First Global Bank President Maureen Hayden-Cater, “FGB aims to provide a short-term solution for these persons, to help bridge the gap that has been created.”

The commercial bank for some time has been focusing on innovative banking solutions for its clients, including its credit card, which carries no annual fee and which claims to have the lowest interest rate on the market. It also opens certain branches on Saturdays and keeps some open up to 7:00 pm on weekdays.

“We are committed to providing the best value for our clients, as well as providing innovative solutions to meet every need,” said Hayden-Cater. “Our online banking platform, Global Access is just one example of this, as it offers functions not offered by any other online system in Jamaica. This Bond Extension Loan is just an extension of this commitment, and we encourage bond-holders to take advantage of the opportunity.”

First Global Bank currently has six branches across the island, and has strong backing through its parent company GraceKennedy.

The Board of Directors of GraceKennedy approved full participation in the National Debt Exchange, and this extended to all subsidiaries, including FGB, JIIC and First Global Financial Services.