JMMB Bank has struck a US$20-million loan agreement with Development Finance Institute Canada, or FinDev, the first in a series of funding initiatives the bank will embark on this year to grow loans to entrepreneurs operating small and medium-sized businesses.

The rate at which JMMB Bank will on-lend the funds will be determined by the risk profile of individual borrowers, CEO of JMMB Bank, Jerome Smalling, said. However, Smalling said the bank will seek to lend in line with its “competitive and affordable positioning” in the market.

Across the commercial banking sector, the most recent data compiled by the central bank puts the average commercial lending rate at 9.37 per cent as of November 2021. However, bank credit is usually more expensive for SMEs than big businesses.

https://jamaica-gleaner.com/article/business/20220126/jmmb-bank-adds-us20m-sme-loan-pool