Frank Whylie, general manager of Jamaica National Small Business Limited. - file

The Jamaica National Small Business Limited (JNSBL) has paid out more than $4.4 billion in loans to small business operators since its inception seven years ago.

"Our objectives are to create new jobs and maintain existing ones; to support the development of the Jamaican micro-enterprise sector and to assist micro entrepreneurs to increase their income and improve the quality of their lives," said Frank Whylie, general manager of JNSBL.

Whylie was addressing his company's annual Board Breakfast and Client Tour at Sandals Royal Caribbean in Montego Bay, St. James Monday.

Secured, unsecured lending

The company, which is a subsidiary of Jamaica National Building Society, has processed 127,835 loans, inclusive of secured and unsecured lending.

There are four loan types - BizStart, BizGrow, BizEvents and BizBoost - under which applicants can access financing of $5,000 to $3 million.

"What we are trying to do is to be a facilitator to finance the sector," said JNBS Chairman, Oliver Clarke.

"If you believe that micro business is where the future growth in employment is, then we all need to take it on to ensure that it grows."

Pointing out that the longevity of the project was nothing short of a miracle, Clarke said the small business scheme was more of a social intervention programme than one designed to make a large profit.

"While we want to make a profit ... any profit that is made off it goes back into it," he said. "So there is no profit that will be made off this that will be accrued to Jamaica National Building Society."

Clarke also urged members of the Montego Bay business community to encourage persons to access the facility.

business@gleanerjm.com