29539 - JN SBLL

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Summary of Proposed Investment

Project Number

29539

Company Name

JN SMALL BUSINESS LOANS LTD

Date SPI Disclosed

Nov 30, 2011

Country

Jamaica

Industry

Financial Markets

Projected Board Date

Dec 30, 2011

Status

Pending Signing

Sector

Microfinance and Small Business - Non Commercial Banking

Department

Regional Industry FIG LAC & EUR

Environmental Category

Previous Events

Approved : Jan 30, 2012

Project Description

The IFC investment consists of a proposed loan of up to $2.5 million equivalent to Jamaica National Small Business Loans Limited (“JNSBL”, the “Company”), a microfinance company in Jamaica. JNSBL is the largest microfinance company in Jamaica with an estimated 75% of the micro-loans supply in Jamaica. IFC’s funding is intended to support JNSBL’s growing portfolio of microfinance loans (the Project). IFC will have equity warrants.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	2.0
Loan	2.50
Equity	1.19

Development Impact

FORMTEXT The development impact of IFCs financing to JNSBLL is expected to be high, as it will support productive microenterprises and foster employment generation. Sponsors such as Jamaica National Building Society are good partners for IFC, as they are committed long-term players in Jamaica and to expand to areas such as providing the so much needed financial services to low income households and helping address the inequality that exists within the different segments of society. The beneficiaries of these loans will be low-income micro-entrepreneurs in Jamaica.

FORMTEXT IFC will: (i) support a domestic financial group that is committed to increasing access to finance, which is particularly crucial at a time when international banks are withdrawing from the Caribbean, (ii) provide long-term financing to JNSBL that is currently not available in Jamaica, and (iii) through the investment and Advisory Services engagement enable the complete transformation of JNSBL into a commercial microfinance institution.

This project involves IFC support for a nascent microfinance company, Jamaica National Small Business Loans Limited (JN SBLL) and classified as a Category FI project. JNSBLL is a new client. During appraisal, IFC reviewed the client''s portfolio, capacity to manage environmental and social risks relevant for its business, and labor standards, and determined the applicable requirements as the IFC exclusion list and the E&S laws of Jamaica. The client would be required to: (i) develop a Social & Environmental Management System (SEMS), prior to disbursement to the satisfaction of IFC; (ii) identify qualified persons to manage and implement the procedure; (iii) apply the labor standards established by the IFC Performance Standard 2; and (iv) submit a periodic report to IFC as per a format to be provided by IFC.

Contacts

For Inquiries About the Project, Contact

Frank F. Whylie General Manager Jamaica National Small Business Loans Limited 32 ½ Duke Street Kingston Jamaica, W.I. Tel.: (876) 948 7454 Fax: (876) 948 7452 Email: fwhylie@jnbs.com

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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