Jamaica banks offer loans and other financial services to small business owners. Commercial banks in Jamaica offer competitive rates for a variety of loan and credit products to meet your financing needs. The Small Business Loan Board is a Jamaican statutory entity that offers credit, loans and grants to finance specific business ventures in Jamaica.
While banks in Jamaica have experienced recent economic struggles, the country is still poised for growth. To encourage business pursuits, the Jamaican government provides a range of investor incentives such as duty-free imported products and equipment.
Consider the following tips to meet your banking in Jamaica needs:
1. Outline your financial goals as they relate to banking in Jamaica.
2. Compare small business loan products offered by commercial banks in Jamaica.
3. Connect with Jamaican banks for financial services.
Action Steps
The best contacts and resources to help you get it done
Choose Jamaican banks that offer the financial services you need
There are several commercial banks in Jamaica that allow foreign investors to borrow money locally. The loans are in U.S. currencey and are for business ventures in Jamaica. For your banking convenience, Jamaican banks offer a range of online services including account balances, money transfers, bill pay and detailed account information.
I recommend: National Commercial Bank Jamaica offers small enterprises deposit and merchant services, business credit cards, Internet banking and liquidity and cash management services.
First Global Bank, one of six commercial banks in Jamaica offers a foreign currency checking account which allows businesses to easily conduct transactions in U.S. dollars.
Compare product offerings from various banks in Jamaica
Bank of Jamaica, the country's central bank, regulates monetary practices to protect the value of the Jamaican currency. You can find a list of commercial banks in Jamaica, such as Scotia Bank and RBTT by visiting the Bank of Jamaica website.
I recommend: Scotia Bank, an international bank in Jamaica, offers a variety of small business solutions including business credit lines, assistance with business plan writing, Internet banking and merchant services.
RBTT offers extensive financial services to business owners--including cash management, trade services, assistance with structuring employee benefits plans and consultation on minimizing your business risk
Request business financial services from global banks in Jamaica
Compare rates offered by banks in Jamaica and choose a bank that best fits your budgetary and operational needs. If you plan to conduct transactions in Jamaica, the United States or other parts of the world, be sure to select a financial institution that offers international banking services.
I recommend: Citibank Jamaica offers extensive custom international banking in Jamaica to meet all of your global trade needs.
FirstCaribbean International Bank, one of several global banks in Jamaica, offers bank account, credit and cash management services to small businesses.
Tips & Tactics
Helpful advice for making the most of this Guide
- Companies interested in doing business with banks in Jamaica must meet specific minimum share capital requirements. They must also maintain a specified minimum liquid asset to deposit liabilities ratio, keep cash reserves, obtain a license and make all Jamaica banking information public to the Jamaican Inspector of Banks
The official source of Banks in Jamaica is the Banks in Jamaica page at Business.com
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