Anthony Hylton, Minister of Industry, Investment & Commerce - file photo
Anthony Hylton, Minister of Industry, Investment & Commerce, has advised potential business operators to exercise prudence when seeking to obtain startup loans, thereby reducing their financial burden, due to high interest rates charged by some banks.
Addressing the seventh Jamaica Business Development Corporation (JBDC) Mobile Clinic in Ocho Rios, St. Ann, on Wednesday, Mr. Hylton noted that some banks are demanding major collateral from borrowers. He said when this element is added to the high interest rates, the business could be doomed to failure, even before it gets off the ground.
Mr Hylton is urging potential and current business operators to make use of services offered by the JBDC, in setting up their operation, writing business plans and accessing other forms of capacity development support.
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