THE newest loan offerings from JMMB Merchant Bank (JMMBMB) — JMMB Dental Loan and JMMB Professional Loan — were unveiled recently at the Terra Nova Hotel during the Jamaica Dental Association’s (JDA) quarterly general meeting.

Said to be the first of its kind in the local financial sector, these dental-financing solutions are being offered to members of the JDA and their patients.

According to Moya Leiba-Barnes, general manager, client relations, at JMMBMB, “This new loan offering is in keeping with JMMB Group’s approach to bring innovation to the market as we cater to the unique needs of individuals, their families, and their businesses.”

Barnes, in speaking to the unique component of pairing the JMMB Professional Loan with the JMMB Dental Loan to provide a complete dental financing solution, notes that this unsecured loan is a timely response to the market’s needs.

Dr Heather-Dawn Lawson-Myers, Jamaica Dental Association president, welcomed the offer to provide the necessary financing.

“The inability of health insurance to stay abreast with the increasing cost of living is an international dilemma faced by many persons. The JMMB Dental Loan provides a timely opportunity for patients with limited health insurance, or without insurance, to obtain essential dental services so they can maintain good oral health and, in some instances, boost their self-image,” stated Lawson-Myers.

She also said: “The JMMB Professional loan will provide a vehicle for dental professionals to establish or grow their practices and deliver superior care to their patients, even as they keep on the cutting edge of technology.”

According to Leiba-Barnes, the JMMB Professional Loan provides up to 100 per cent financing to JDA members to cover acquisition of tools and equipment, office space improvement, and practice set-up and/or expansion costs.

JDA dentists will reportedly be able to access five to eight times the gross monthly income of their practices through the Professional Loan, with up to five years to repay at a special rate of 15.75 per cent.

In sharing details of the JMMB Dental Loan, branch manager at JMMBMB’s Knutsford branch, Owen Ferguson, outlined: “Up to 100 per cent financing is available to JDA members’ patients to undergo dental procedures, including surgery, braces and cosmetic procedures, such as bonding, crowning and implants.

“Patients can borrow up to eight times their gross monthly income with the option of repaying this loan over a three-to five-year period, dependent on the amount borrowed,” Ferguson added.

The minimum loan amount for the JMMB Dental Loan is $100,000, with no cap on the amount that can be borrowed.

Ferguson explained that in order for JDA members and their patients to access these unsecured loan facilities, these individuals should begin with an initial conversation with a JMMB Merchant Bank representative to complete a loan application and submit the relevant documentation.