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Financial News

Oct 2009 Financial News

NCB offers $1-b loan facility at 9 per cent

Oct 21, 2009

In response to the business sector's call for cheaper and more accessible financing, the National Commercial Bank (NCB) yesterday announced the introduction of a credit line which offers financing at an interest rate of nine per cent per annum.

Group Managing Director Patrick Hylton said "in times like these, more than ever, it is important for us to help fuel the growth of industry and this financing pool is intended to support business customers in a tangible way. The terms make it accessible as we know this is a concern for many businesses when seeking funding".

Businesses may begin accessing the funds on November 1, 2009.

The funds may be drawn down in tranches or taken at one time, depending on the needs of the borrower. Companies can access as much as $15 million in financing with seven years to repay. NCB is also offering a moratorium of up to a year on principal payments.

NCB also announced a one percentage point reduction in our base lending rate to 20.75 per cent.


Source:
Jamaica Observer
Wednesday, October 21, 2009

http://www.jamaicaobserver.com/magazines/Business/html/20091020T200000-0500_162215_OBS_NCB_OFFERS____B_LOAN_FACILITY_AT___PER_CENT.asp