BASSETERRE, St. Kitts – BUSINESSES in need of quick cash can now access a new fast loan system that was yesterday (Feb. 4) launched to financially aid business entities.
The product - ‘BiZ’ - which was launched in the Conference Room at Ocean Terrace Inn is a product of business entity Fast Cash, which aims at assisting small enterprises who may need fast cash which they might not be able to access at any commercial lending institutions.
Speaking at the launch, Fast Cash’s Chief Executive Officer Michel Williams explained that his entity is a non-collateralized lender which provides unsecured loans to persons and now businesses who may need the assistance.
He noted that over the years they have received feed back from persons calling for a product that would assist the self-employed.
“We have had a lot of demands over the years for a product that is inclusive of the self-employed and the micro and small business market and the businessman that really works with us for his employees as well and he may not be able to access the cash that we produce.
“Our product was specifically geared to employed people and at the time we did not cover being employed by yourself and we have designed Fast Cash BiZ loans and we have piloted it since the summer of last year in Dominica and it’s already in Antigua and other markets.”
He stressed that the loans would not be granted to any borrower for the purposes of opening a business and he outlined the necessary criteria that the businesses need to meet before they can access the loans under this system. He explained that this is an initiative that they are hoping to standardize throughout the Eastern Caribbean markets.
“Basically, to get a harmonized product that is acceptable to the general business man across the OECS...we have come up with is this; we now offer a short-term business loan for either 30 days, 90 days or 180 days in amounts between $10,000 to $50,000 unsecured. The business has to be in operation for at least two years and it has to have readily-available financial statements certified preferably and the way we do it is we lend it to the principal borrower.”
Fast Cash’s Country Manager, Alice James noted that this new loan system “will benefit the employer”. She also indicated that this is one way in which the company is improving the services it provides to its customers.
