First Global Bank (FGB) is stepping up to assist female entrepreneurs by offering a new early-stage financing loan that features a three-month maternity moratorium.

Announcing the new financing product at the FGB SME Summit held recently, the company said this is just its latest move in ramping up efforts to increase financial inclusion and development for small and medium-sized enterprises (SME).

According to vice-president of personal and business banking Arlene Williams, the loan, which is available to entrepreneurs across all sectors, is geared specifically towards women.

“We understand that a woman starting a business is also trying to balance the realities of starting a family, so with this early-stage financing, for young women that are in business, we will grant a three-month moratorium for their maternity leaves,” she said.

The new product offering will see businesses that have been in operation for less than 24 months being able to access up to $15 million, either as a secured or unsecured loan.

“The access of $15 million is the maximum, however, we will finance 95 per cent, or whichever is lower, with five years to repay the loan if it is unsecured and 15 years if it is a secured facility,” Williams explained.

Requirements for the loan include the cash flow projections, which should have clear detailed assumptions on why these are set, and in-house management accounts, the business plan, any other supporting documents, such as customer contracts or intellectual property, business registration and other statutory licenses.

“Businesses that have higher risk factors such as these new companies would not find it easy to qualify for capital financing with banks, however, this loan will enable them to access the funding that they need to grow. We have positioned this product to really empower early-stage businesses to expand and achieve more,” Williams continued.

Speaking with the Jamaica Observer, FBG said the loan has received positive reviews so far with customers showing keen interest.

The bank also highlighted its tax cashback programme which allows businesses registered with FGB to receive 0.5 per cent of the taxes paid to the Government, back through its Business Tax Card, a Visa credit card.

That means if a business paid $10 million in taxes, then it will be eligible to receive $50, 000 in the sub quarter of the next year from FGB.

Vice-president of payments at FGB, Rickardo Ebanks, pointed out that the Tax Administration Jamaica has made it possible for businesses to pay their taxes online with a credit card.

“We have some businesses that are paying tens of millions in taxes per year to Government because they get so much in terms of income. What we do is that we try to give that business a limit on the card that’s in keeping with how much they pay for taxes. Once you use that card, FBG will give you a portion back of what the business has paid for taxes as an incentive,” he told the Sunday Finance.

“If your business is expanding and you’re going to be paying more taxes, then FGB will reassess to increase the credit card limit further,” he added.

Ebanks also said that the bank is looking to ease the requirements needed for businesses to open bank accounts.

“As a bank, our focus is on the SME community and it is something that our team is very passionate about, and as such we have a strategic drive on helping SMEs to be successful in these times. If SMEs get the tools and the financing that they need, then they will not only find success for themselves, but they will create employment for others in the community and they will be the engine of growth for the Jamaican economy,” he said.