Beyond the on-the-ground humanitarian efforts being provided through its JN Foundation and Jamaica Automobile Association, the JN Group is channelling direct support to its members- providing discounts, moratoria and waivers to aid in the recovery of those worst affected by Hurricane Melissa.
Its member companies, JN Bank and JN Money Services are offering relief on loans and remittance services.
The bank is offering special terms on Readvance and Cash-secured Loans for home repairs, upgrades, or essential purchases with disbursement within five business days. Readvance Loan applicants will benefit from waived income verification and credit report requirements for eligible borrowers. No valuation or surveyor reports are required. Cash-secured Loans also have no processing fees.
“JN Bank mortgagors who have sustained damage to their property also, for the next 90 days, may also access a special Home Repair Equity Loan,” said Ms Kow. The offer provides financing of up to 85 per cent of the equity in the property, with a maximum loan amount of J$15 million and at a preferential interest rate of 8.75 per cent. These loans, which include similar terms, will be disbursed within seven days of approval and can be granted for other purposes including water tanks, solar panels or hurricane shutters.
A special Construction Loan offer is also available for the next year to members whose homes have been severely damaged, with up to 95 per cent financing for purchases or construction.
Recovery initiatives are also available to JN Bank’s microloan customers over the next four weeks, including no-collateral loans and Recovery Lifeline Loans of up to $1.5 million. No processing fees are included. In addition, special micro-grants will be made available to some microbusinesses in affected communities.
Additionally, JN Bank is temporarily waiving ATM withdrawal fees and will replace damaged debit or credit cards at no cost. In the most significantly affected parishes, over-the-counter deposit and withdrawal fees have also been waived, incoming local bank transfers are also temporarily free, and no penalty fees will apply for the early closure of fixed deposit accounts. Late payment and penalty fees have also been waived on loans and credit cards for customers who have suffered severe loss.
Meanwhile, JN Money has waived fees on money transfers to Jamaica until November 6. Persons overseas can, under the ISupportJamaica Fund for Hurricane Melissa, send via JN Money to JN Bank account number 2094768349. Fees have been waived to facilitate donations. They can also place contributions in cans at JN Money branches.
Jamaicans in the United Kingdom can also donate to the account and donate supplies through a partnership with Food for the Poor. Items, such as non-perishable food items, tarpaulins, solar lanterns and battery-powered lights, personal hygiene products (including adult and baby diapers and menstrual products) can be dropped off at select JN Money locations. Food for the Poor Jamaica will collect and distribute the items.
Information on how to donate can be found on the JN Foundation website, https://www.jnfoundation.com/hurricane-melissa-relief/ and by going to isupportjamaica.com.
“These initiatives reflect our unwavering commitment to supporting our people during challenging times. We have witnessed unprecedented devastation from Hurricane Melissa, and it will take our collective effort to rebuild and recover. We are heartened by the support already extended and remain committed to doing our part to help with these critical efforts,” shared Horace Hines, general manager of JN Money Services.
