This week's excerpt from EXIM Bank's Business Advisory Services radio programme will look at two flexible financing options that can be used to propel your business forward and keep it on a sustainable growth path, coming from information shared by Mr. Charles Lewis, Chief Officer, Credit at the EXIM Bank. The information below is not only relevant for logistics hub-centred businesses, but for businesses operating in just about any other sector in Jamaica.
Promoting sustainable growth and development for Jamaica's productive sector is at the heart of what the EXIM Bank does and the increasing difficulties that local entrepreneurs continue to face in trying to keep their businesses afloat, calls for innovative and creative solutions to offset these challenges. The issue of limited cash flow continues to bedevil local businesses, prompting the Bank to develop a flexible financing solution called, 'Tourism Receivables Financing', geared towards tourism linkage companies which include: agro-processors, car rental companies, fresh produce suppliers, in-bond merchants, landscapers, janitorial service providers, linen/textiles companies and other providers of goods and services; who have been experiencing delays in getting their receivables paid in a reasonable time by some of the large hotels that they sell their products to. This product is a significant step in enabling these small linkage companies to bridge this gap by partnering with suppliers and hoteliers to cover these receivables through a short term receivables financing loan under very practical and affordable terms.
Another flexible financing solution which was discussed by Mr. Lewis is the Bank's Trade Credit Insurance (TCI) product which was born out of the need to protect entities from trade risks such as non payment from foreign and domestic buyers, while simultaneously providing business operators with a policy that can be used as collateral to facilitate easy access to low cost working capital loans to keep the production of goods and services going.
EXIM Bank's Business Advisory Services radio programme, EXIMBankja is aired seasonally on Power 106 and Nationwide News Network as well as on JIS' network of radio stations islandwide.
Please look out for more informative excerpts from other episodes of our Business Advisory Services radio programme, EXIMBankja. You may also check the media room of the Bank's website for more information at www.eximbankja.com or call us.