JMMB Group Extends Financial Lifeline to Its Retail Clients & SMEs, in Vulnerable Sectors Affected by COVID-19

With thousands set to experience the personal impact of a major economic fallout, due to the circumstances surrounding the novel coronavirus (COVID-19) crisis, in Jamaica; JMMB Group has responded, to ease some of the weight of this financial burden, on its most vulnerable clients. 

 

In response to this crisis and as part of JMMB Group’s commitment to be in its clients’ world, the entity will provide a financial lifeline, in the form of moratoriums, extended credit facilities and the maintenance of its pre-existing ‘no late payments policy’ on loans, to those whom, it believes, are amongst its most vulnerable clients. As such, entrepreneurs; individuals working in the tourism and transportation sectors; and small and medium-sized enterprises (SMEs) and corporate entities that operate in: tourism-related areas; entertainment; communication and storage; transportation; distribution; manufacturing and construction, will all benefit from this special financial lifeline.

 

Keisha Forbes Ellis, CEO, JMMB Investments shares, “The JMMB Group remains committed to partnering with our clients, to ensure that we support their sustainability throughout this period, as they remain major contributors to our economy.” Adding, “As such, both JMMB Bank and JMMB Investments will offer our clients a moratorium on their principal and interest payments or principal payments of their loans for three (3) and six (6) months, respectively. Thereafter, we will examine our clients’ circumstances, with a view to assisting them with a financial solution that is in their best interest. These offerings will allow those clients the necessary financial space to retool and regroup from any fall-off in revenue, which has resulted from the scaling-down of operations and, in most instances, shuttering of their businesses, temporarily.” In so doing, the company is also seeking to help these individual and business clients to preserve their financial reputation, credit worthiness, and manage their liquidity and cash flow.

 

Individuals who are employed in the tourism and transportation sectors, and who have been impacted by a job loss, temporary layoff, or a reduction of income; as well as self-employed persons who have been affected by loss of income, due to the closure of their business, as a result of the COVID-19 crisis, are eligible for ‘payment holidays’ – which will see these clients being able to defer the payment of interest and principal on their loans, for up to three months, initially.

 

In touting the value of partnership to overcome the challenges of the COVID-19 crisis, the CEO notes that the JMMB team has already begun reaching out to a number of clients to discuss their unique circumstances, in a bid to strategize and craft a plan with those clients.“  Forbes Ellis adds, “We recognize that these are challenging times and so in addition to helping our clients to have a plan in place to ease the impending financial burden, we want to extend hope and reassure them that we are committed to overcoming this challenge together as a nation.”

 

Generally, JMMB clients are encouraged to be proactive and to speak with their JMMB representatives, to determine the best way forward in identifying a financial solution to meet their needs, based on their unique circumstances; and to determine their eligibility for this financial lifeline; which becomes effective April 1, 2020.

 

More Assistance for SMEs and Corporates

Jerome Smalling, CEO of JMMB Bank, also outlined that JMMB’s business clients (SMEs and large corporate entities) in these vulnerable sectors, who have been affected by the COVID-19 crisis, can also benefit from other credit facilities offered by the bank, including: pre-approved non-revolving lines of credit and pre-approved term loans, for up to 12 months and 3 years, respectively. JMMB Bank will also facilitate other credit offerings, such as: pre-approved working capital support; temporary overdrafts; and loan top-ups for SMEs and corporate clients, hard hit by the current crisis. 

 

In keeping with a partnership approach JMMB Bank will maintain its pre-existing no-or-low fees policy, to ensure that clients are not further financially burdened. This is in line with JMMB’s brand promise to provide value-added services, and continue to eliminate non-value-added fees. JMMB Bank does not charge any fees for late payments on loans.

 

As part of JMMB Group’s commitment to providing win-win financial products and services, financial partnership and financial education, the company continues to share financial expertise with clients and the wider investing public, to help them to make sound and informed financial decisions. As such, JMMB has been hosting a series of webinars on a range of topics, including: Managing Your Cash Flow as an SME during COVID-19 and Keeping Your Investments on Track During COVID-19.

 

Smalling further assured clients that the Group remains committed to partnering with clients, where needed, as the country copes with the spread of COVID-19 and its impact on individuals, businesses and the economy.

 

Adjustment in Operations

The JMMB Group, encourages clients to utilize its online digital services channels, JMMB Moneyline and Visa-certified automated teller machines (ATMs), to conduct transactions, in order to limit social interaction and keep themselves and their loved ones safe.  

 

The financial group will continue to monitor the situation and update clients via its social media channels, COVID-19 Service Delivery web page, email and the media, about any changes to its operations, in line with the advice of the local health authorities.