THE NATIONAL Development Foundation of Jamaica has introduced a new financial solution, 'Speedline', for business operators in the small and micro business sectors.
This was done at a special reception held at The Golf View Hotel, Mandeville last week, the lending agency
stated.
"Speedline was created with the small business operator in mind," according to Mr. Waldon Wright, operations manager of the NDFJ. It is for "one who needs capital injection in a very short time, to seize business opportunities as soon as they are presented."
This latest product to be developed by the Foundation, Speedline offers loans ranging from $50,000 to $200,000. Borrowers under the programme will receive disbursements within three working days after submitting an application satisfying all conditions of approval.
Loans are repayable within a short period; from three to nine months, with weekly or monthly repayment options.
Loans under Speedline can be to finance orders and special orders; finance the cost of exporting and importing goods, pay duties to clear goods at the ports; purchase inventory locally and effect repairs to equipment and other aspects of business operations. Loans under Speedline are accessed through the Mandeville Branch of NDFJ.
Speedline has been developed for any business operator who has been in business as well as for individuals who are seeking to maximise business opportunities on a timely basis. It's really intended for businesses with an immediate need," the Operations Manager stressed.
All loans under Speedline must be secured, and cash or non-cash collateral, or a combination of both, can be used.
