EXIM Bank’s Ecommerce Funder
What is the Ecommerce Funder?
The Ecommerce Funder is a joint partnership between EXIM Bank and JMEA (Jamaica Manufacturers and Exporters Association). The Ecommerce Funder is a funding solution that provides business loans to the productive sector, SMEs who are web-based merchants (shops) or wish to become. The loan supports online sellers to grow, covers marketing expenses, and increases sales.
Online sellers use Ecommerce funding to stabilize the cash flow and cope with payment obligations. Ecommerce sales have surged in the past years. The current pandemic led to many retail shops being unable to sell through regular channels.
Creating a new digital image of your shop can be time-consuming and costly.
5% Interest Rate
5 Years to Repay
$5 Million Accessible
Benefits of the Loan?
- Medium Term Loan
- Financing available for up to 80% of the cost to create and launch.
- Offered to all JMEA Members.
- If more than $5 million is needed, EXIM will offer an extended loan at flexible rates.
Purpose of the Loan:
The Ecommerce Funder covers the development of an Ecommerce Platform, as well as the monthly maintenance and marketing of the platform (SEO, Google Ads, etc, not exceeding $500,000). Other uses of the loan:
- Financing of Equipment,
- Domain Registration of up to 2 years,
- Server Setup,
- Hosting services (for a limited time period),
- High-Quality Product Shots d videos for the website catalogue,
- Storage and Packaging (some businesses may opt for storage services n the country/s being exported to, this may include packaging and fulfillment of orders),
- Development and Programming of Ecommerce Platform,
- Security Features,
- Financing of Payment Gateways,
- SEO (Search Engine Optimization) services,
- Online Marketing to drive traffic to site,
- Inventory Management,
- Working Capital,
- Copywriting.
Are Collaterals Needed?
Below are the listed securities accepted. A consultation is done with a Business Development Officer to determine the best combination of securities. See below:
- Mortgage over real estate,
- Bank Guarantees,
- Hypothecation of Financial Instrument,
- Bill of sale over serialized equipment,
- Assignment of Receivables,
- Personal/Corporate Guarantee support by specific charge over assets,
- Assignment over Life Assurance Policy/ Keyman Insurance.
Requirements For Eligibility
To apply for the loan, the following requirements must be met:
- Company Search,
- Certificate of Good Standing,
- TCC,
- Credit Bureau report with no delinquencies over the last 12 months,
- KYC and AML requirements (customer agreement, consent forms, promissory notes)
- Business Overview with Strategic and Operational Plans,
- 3 Years Financial Statement,
- Personal Financial Statement of Affairs
How to Apply
To apply, contact us at 876 630 1400 or email us at marketing@eximbankja.com