Following the successful hosting of the Barber and Beauty Expo, held earlier this year, JN Small Business Loans (JNSBL) has launched a new loan product to assist barbers, hairdressers, nail technicians, make-up artists and other members of the beauty industry, to enhance their operations. The loan is valued at $250,000 with special rates and terms attached.
The new loan product is predicated as part of the microfinance company’s efforts to stimulate expansion of the sector and increase employment.
“We were motivated to design this loan product, based on the skills and dedication that the participants displayed in the JNSBL Barber and Beauty Expo,” Gillian Hyde, general manager of JNSBL, stated. “And, we believe with additional financial support, the sector could achieve more.”
She posited that “The beauty industry is an ‘in demand sector’, which has the potential to generate increased employment; and, therefore, it is our hope that this increased access to funds will enable business expansion; and, allow increased start-ups .” She further stated that “The industry is diverse and many persons, including nail technicians and make-up artists, want to expand; however, they do not have the capital to do so. Therefore, this is an opportunity for them to secure funding and consolidate their operations,” Mrs Hyde explained.
It is estimated that, there are approximately in excess of 8,000 barbers and hairdressers, based on an estimate from the Ministry of Local Government and Community Development. The figure does not include persons who are nail technicians, make-up artists and aestheticians.
And, those figures were actually ascertained in 2004, when the Public Health (Barbers, and Barbershops), and the Public Health (Hair-dressers and Beauty Therapists, including spa operators, Cosmetologists and Beauty Salons) Regulations were enacted. However, the Ministry indicates that this number has grown, as there are many barbers and hairdressers who are not registered.
To qualify for the loan, applicants need to be a certified member of the industry with the appropriate licence.