Frequently Asked Questions

As of August 1, 2021, JN Small Business Loans (JNBSL) has transitioned to JN Bank, where Small Business Loans clients will continue to receive all the support they have always received from JNSBL

JN has made this change to serve you better. We will be providing more products and services geared at having an even greater impact on your business and other micro, small and medium enterprises across Jamaica. It will allow us to create solutions to support micro and small businesses at much faster pace, and assist with the growth of the entire sector.

No, your loan officer will remain the same and you can make contact in the same way. As is customary, if there is a change we will assign you to a new officer and let you know how you can communicate with them.

A few of our locations will be relocated to JN Bank locations nearest to them. The Eastwood Park branch has already been moved to JN Bank, Half Way Tree. Linstead and Mandeville will be relocated to the JN Bank branch locations and Santa Cruz to a location close to the JN Bank branch where JNGI also provides its service. Our other locations have not changed and will remain the same in the short to medium term.

This change will not affect your loan in any way. You will continue to pay at the same interest rate and on the same terms as you do now.

Absolutely not. All our products will be offered through the new JN Bank Small Business Loans Division. JN will continue to cater to the needs of your business and other businesses in the micro sector. We’re making this change so that we can serve you better.

Your loan officer will be more than happy to assist with any questions you have. You can also call our Relationship Centre at 876 948 7454/5, or visit the JN Bank Small Business Loan webpage on the JN Bank website, jnbank.com.

We will discontinue accepting payments via Post Offices and GK locations islandwide on May 31, 2022.

We provide several loans to support micro and small businesses. We also offer personal loans, and financing for agricultural projects.

We lend from a minimum $10,000 – $15 million to small businesses.

To determine how much you can borrow, we will need to complete an assessment of your financial status, which includes your income and expenditures, whether you’re borrowing for a personal purpose or to finance your business.

The requirements will depend on the type of loan you need. For micro business loans, applicants must be operating the business for at least six months to qualify, or one year to qualify for a personal loan. If applying for a personal loan, you should be employed for at least one year and currently confirmed in your position for at least six months.

Applicants must also:

• Be a Jamaican citizen 18 years and older
• Complete the relevant JN Bank Small Business Loans Division application form
• Present proof of address (utility bill, rent receipt)
• Present valid identification (passport, national identification card, driver’s licence)

At JN Bank Small Business Loans Division, we will accept a bill of sale on household items with serial numbers, such as appliances (including televisions, component sets, stove, and refrigerators) as collateral. We also accept tools of trade, which are non-specialised equipment, real estate, guarantees and motor vehicles.

Once you have submitted all the necessary documents, you will then be assigned a Client Relations Officer who will arrange and conduct an assessment through interviews and site visits, where necessary.

Your loan will be processed within seven to 14 business days.

Yes, similar to many loans, there are fees you will have pay for the processing of your loan. These fees, called processing fees, are usually deducted directly from the loan. However you may also choose to pay these fees out of pocket over the counter.

You should expect to be contacted by a Client Relations Officer (CRO) within one to three business days. Your CRO will provide you with further guidance on the loan process.

The person who will stand as guarantor for your loan must be employed for at least one year, and should be confirmed in that position for at least six months. If self- employed, the guarantors must operate a business for at least one year.

Required documents for all guarantors:

1. Tax Registration Number (TRN)
2. Photo ID
3. One Passport-size photograph
4. Last three pay slips and a job letter (if employed)

No you don’t need to be an existing customer of JN Bank in order to apply for a loan. However, you will be required to open a JN Bank account to facilitate the disbursement of your funds.

Micro loans may be borrowed for a period of 10 to 50 weeks, however, small business loans may be borrowed for one to eight years, depending on the type of financing.

The interest rates on the loans offered by JN Bank’s Small Business Loans Division vary and will depend on the purpose of the loan, among other variables.

Yes we do. Micro start-up businesses may benefit from our BIZ START suite of products.

We recommend that you contact your Client Relations Officer, who will assess your eligibility for another loan and the amount you will be able to borrow.

We encourage you to pay on time and in full to avoid late fees. Your repayment history with JN Bank Small Business Loans Division could also be affected and, in extreme instances, your overall credit history could be impacted and that could affect your ability to borrow in the future.