Members of the agriculture sector and small hoteliers will benefit from a Memorandum of Understanding (MoU) between JN Small Business Loans (JNSBL) and Isratech Jamaica Ltd. Under the terms of the MoU, JNBSL clients will be able to access energy saving technologies and equipment to mitigate the effects of climate change. In exchange, Isratech will refer its customers, who need funding to obtain its equipment, to JNSBL for assistance.
The MoU, which is designed to assist small farmers and hoteliers, located especially in areas susceptible to the effects of climate change was signed at the JNSBL Head Office at 32½ Duke Street earlier this year.
Thelma Yong, deputy general manager, JNSBL revealed that “Sundry reports indicate that the impact of climate change is being felt in Jamaica, through the increased frequency of disasters, such as: hurricanes, flooding, and the erosion of our country’s coastlines.”
She maintained that, “The effects of these disasters not only destroy crops, but also impact food resources, erode our coastlines, damage communities and contribute to increased hardships for many, as was experienced in several Caribbean countries during the 2016 hurricane season.”
Mrs. Yong added that the extended drought the island suffered this year and hot conditions have also had harsh effects on food and water resources as well as energy costs.
“The agreement brings value to our clients and will assist them in improving their operations, while mitigating the impact of climate change.”
In addition, Isratech customers will also be able to benefit from our Climate Smart Loan facility and can access loans up to $5 million, at an interest rate of four percent per annum on the reducing balance. Business operators within the tourism sector will also be able to benefit from energy savings loan facilities at interest rates as low as zero percent.
“This MoU gives us an opportunity to assist Jamaicans in acquiring much needed equipment. And, we fully recognise the positive impact this will have on various sectors, especially the agro and tourism sectors as well as the manufacturing sector and general households. We are also confident this will result in economic growth for our country,” explained Mrs. Yong.
With locations in Central America and the Caribbean, Isratech manufactures equipment for agriculture, industrial, commercial and residential uses. Its products provide services for applications in the agricultural, hospitality, water and energy sectors through its three divisions: Jamaica Drip Irrigation, Isratech Waterworks and Isratech Energy.
Isratech products and services include: solar water heaters, drip irrigation systems, waste water treatment facilities, energy saving systems and infrastructure consulting, all aimed at improving operational efficiency as well as mitigating the effects of climate change.
Mr. Benjamin Hodara, Vice President of Sales and Marketing at Isratech said that the company, which has been operating in Jamaica since 1985, is optimistic about the benefits the partnership will provide for customers of both companies and the Jamaican economy.
“This agreement allows us to partner with persons and companies in need of financing to implement technologies, which will help them mitigate the effects of climate change. We anticipate positive results from this partnership and look forward to the benefits it will bring to our customers,” he stated.
The agreement also provides beneficiaries with the opportunity to attend related workshops and infrastructure consultation. They will also benefit from seamless processing and flexible loan terms.“With Isratech’s technologies along with JNSBL’s loan support, persons in various sectors we serve will be able to install equipment that will improve their operations. This means good things not only for them, but for Jamaica,” Mr Hodara maintained.
