Scotiabank‘s energy loan customers can now determine potential loan payments, based on consumption, online.
The financial institution launched its innovative SmartEnergy Calculator on Thursday at its Constant Spring Financial Centre. The nifty energy loan calculator complements the Bank‘s SmartEnergy Loan available to Small and Medium-Sized Enterprises and householders to fund energy efficiency projects that will help the environment and cut energy costs.
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(From left) Kelly Tomblin, CEO of Jamaica Public Service Company; Wayne Powell, executive vice-president retail, Scotiabank; Dr Kirk Abbott, managing director of New Leaf Energy and Phoebe Buchanan, manager of Scotiabank
With competitors like Scotiabank and Victoria Mutual Building Society (VMBS), newcomer Nation Growth Microfinance Limited found a way to attract more clients to its Green Energy Loan. While its rivals offered an interest rate of over nine per cent on similar loan packages, Nation Growth’s rate is the lowest in the island at eight per cent.
“We’re not going to leave out any sector of the society,” said senior sales manager Vernon Dunkley. “In pricing our product, we assume eight per cent is the rate that the average person will find feasible.” But although eight per cent can be considered unprofitable, Dunkley said the company would not raise its rates since this will leave some potential customers behind. “We don’t think the way our competitors think,” he said at a Development Bank of Jamaica energy conference at Emancipation Park on Friday. “If we give customers an opportunity to save, then they end up with more funds to spend on other things, like one of our other products.” Building customer relationships is a crucial strategy, he said, noting that small increments of profit spread out over many clients will leave Nation Growth with a bottom line similar to other firms. Green energy loans are the latest offering by financial institutions that provide small and medium enterprises as well as residential customers the opportunity to retrofit their properties with energy conservation devices. The ongoing discussion about alternative energy sources has provided the perfect opening to introduce people to what those alternatives are, Dunkley said. All three institutions have partnered with companies providing renewable energy solutions to make it easier for customers to choose alternatives. Both Nation Growth’s and Scotiabank’s partnerships with Iree Solar and New Leaf, respectively, allow for customers to sell any excess energy they might generate to the Jamaica Public Service using the standard operating contracts provided through the Offices of Utility Regulation. VMBS’s partnership with ConserveIt provides discounts on heating systems and other energy sources, said the energy company’s chief marketer, Milton Jackson. Read more:
Scotiabank Jamaica has created a loan facility which can be accessed by small and medium-sized enterprises (SMEs) as well as homeowners to purchase renewable energy systems. The loan is being offered at a rate of 9.75 per cent per annum. Also available is an unsecured loan at a rate of 15.99 per cent. The institution
The inaugural Jamaica Observer Mogul in the Making start-up programme culminated with Glad Helpers, Jamaicansmusic.com and C & E Innovational Services walking away as the “Ones to Watch”. The programme, which is aimed at highlighting young businesses that embody the spirit of entrepreneurship while making a positive economic impact, ended at the Courtleigh Auditorium late Wednesday evening. Glad Helpers, a cleaning service that’s owned and operated by Angelic Barrett, was chosen as the Journalists’ Choice. Barrett, who said she started her business after being unable to get suitable help, received exceptional feedback from readers in addition to impressing all the journalists involved in the selection. Jamaicansmusic.com, which provides songs ranging from ska to contemporary dancehall and also streams live artiste sessions, is the People’s Choice after getting more than 3,500 votes online. Alex Morrissey, its owner, was unable to attend the ceremony due to unavoidable travel off-island, but sent messages to his representative and manager, Jacquie Juceam, expressing his excitement and gratitude to the programme. C & E Innovational Services, run by Erica Wynter, was selected as Judges’ Choice, for her “creative” and “relevant” mail delivery and small business assistance units. Wynter said she’s excited that her hard work and dedication have paid off and hopes others follow suit and pursue their dreams. The event, which was attended by four hundred invited guests and others who wrote in for tickets, allowed the 21 nominees and audience members to pose questions to a panel of distinguished business leaders. The panel included Tina Matalon, marketing director of Restaurants of Jamaica; Michele English, Flow’s president and CEO; Adam Stewart, deputy chairman & CEO of The Jamaica Observer; Patsy Latchman-Atterbury, Vice President of Scotiabank‘s Small & Medium Enterprises unit and Christopher Berry, chairman and CEO of Mayberry Investments. Columbus Communications Jamaica Limited, through their brand, Columbus Business Solutions (CBS) and Scotiabank Jamaica, through Scotia Small Business, were the main sponsors of the event. The three start-ups selected as “Ones to Watch” will receive complimentary one-year subscriptions to the Observer; a quarterly story in the paper and online about how their progress; mentoring, if needed, from the panel of experts; Quickbook 101 Financial Software from Scotiabank and a one-month package of digital landline and Business Class internet bundles from CBS. Additionally, all nominees will get a year of discounted rates for print and web advertising contracts from The Observer, a workshop on “Technology for Small and Medium-sized Enterprises” from CBS and workshops on “Record Keeping and Customer Service” and “What bankers look for in an application” from Scotiabank; The Mogul in the Making programme, which started in January, wants to fix the imbalance on the focus given to large enterprises and bring entrepreneurs from all over the island to celebrating their accomplishments and encourage others to be like them.
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