PRESIDENT OF of the Micro Small and Medium Enterprises, MSME, Alliance, Donovan Wignall, has welcomed National Commercial Bank’s, NCB, Quick Biz Express, the bank’s fully digital financing solution for pre-approved small and medium enterprises, noting that it has positive implications for small businesses seeking financing in Jamaica.
“It has always been an arduous task for individuals, but more so for small businesses, to get loans of any size from financial institutions,” Wignall said. “But hearing of this new product and what it promises to bring -speedy processing of the loans, a pre-approval process, efficiency in getting the funds into the hands of the small business – it is good for me.”
Quick Biz Express is a fully-digital loan for pre-approved small and medium enterprise, SME, customers, which was recently introduced by NCB. This innovation in lending is expected to simplify and accelerate how local MSMEs get access to financing, a challenge that has long faced the segment.
Once MSME customers meet all the requirements for financing, they can be pre-approved for loans between $100,000 and $2.5 million. Best of all, once qualified customers accept the loans online, funds are disbursed to their NCB accounts in as little as 10 minutes.
“Traditional lending practices can often be slow and cumbersome for small businesses, so Quick Biz Express was designed to address these challenges,” said Tanya Allgrove, assistant vice-vresident, SME Business, NCB. “Whether there is a need for working capital, equipment upgrades, or expanding operations, SMEs can now access the financing they need, quickly and easily.”
This loan facility is the latest in a series of efforts the organisation has made to improve access to finance and the customer experience for SMEs. To this end, NCB continues to improve its SME CX Hub, which offers support to these business customers.
Long-time customer and Director of Surdeen Equipment and Trucking Co Ltd, Raquel Surdeen, pointed to some of the benefits of NCB’s CX Hub.
“Previously, I would wait for days to get the receipts for wire transactions,” Surdeen shared. “Since I was introduced to the relationship associates from the SME CX Hub, my receipts are sent to me within 24 hours.”
She credits the enhanced service delivery to having easy access to her NCB relationship associates.
“I have experienced several improvements in service since I was introduced to the SME CX Hub, and I can confidently recommend it to other business owners,” Surdeen concluded.