Institution details
EXIM J - National Export Import Bank of Jamaica Limited (Jamaica Eximbank)
Key facts
- Established in 1986
- Ownership: Public
Not Part of the OECD
Part of the Berne Union
- 85 Hope Road
- +1 876 630 1400
- https://www.eximbankja.com
Latest update: 03/12/2021
rating type | rating agency | type | rating |
---|---|---|---|
Institution rating | S&P | Foreign currency | B |
Country rating | S&P | Local currency | B- |
Products
- SME supplier credit
- Supplier credit
- Bankers export credit facility
- FSMA loan window
- Other products
SME supplier credit
- Available to Jamaican SMEs to enhance exports
- Maximum: JMD 500,000
- Use of proceeds:
- Purchase equipment
- Improve and upgrade existing facilities
- Working capital
- Market research - Tenor: Up to 4 years (including 6-month grace period)
- Requirements:
- Legal and operating entity in Jamaica producing goods or services
- Sectors: Exports, manufacturing, tourism and related services, creative industries, professional services, and mining and extraction industries
- Business must have annual revenues of at most USD 360 million
Supplier credit
- Trade credit insurance that protects Jamaican companies against non-payment by buyers
- Policy may be pledged as collateral for post-shipment working capital financing scheme at 80% of invoice value for a period up to 120 days
- Eligible insured transactions:
- Export sales
- Domestic sales
- Third country sale of goods originating outside of Jamaica, on behalf of Jamaican companies
- Sale of goods only supplied by subsidiaries of Jamaican companies located and operating within CARICOM
- Sale of goods trans-shipped from Jamaica’s duty-free zones to countries within the Caribbean region - Cover:
- Commercial risk up to 85% automatically provided with each policy
- Political risk up to 90% available on request; coverage requires an additional premium - Fees:
- Composite premium rate is determined by buyers’ creditworthiness and country risk ratings
- Premium rates range from JMD 0.54–JMD 0.60/JMD 100 of gross value of each shipment for commercial risks
- Political risk cover is an additional fee in the JMD 0.03–JMD 1.45/JMD 100
Bankers export credit facility
- Short-term working capital loan facility for exporters to help cash flow through EXIM Jamaica’s network of Approved Financial Intermediaries
- Eligibility: Jamaican exporter of locally produced non-traditional goods (tourism, manufacturing, agri-processing, mining, services, information communication and technology, and the creative industries)
- Pre-shipment:
- Tenor: Up to 90 days on a revolving basis
- Loan amount: Up to 100% of FOB value of an export order - Post-shipment:
- Tenor: Up to 120 days on a revolving basis
- Loan amount: Up to 100% of the invoice value (including CIF)
FSMA loan window
- Available to exporters of food products to the United States that require new or upgraded food safety systems
- Use of proceeds
- Upgrade existing facilities
- Purchase new equipment
- Conduct training
- Technical Assistance - Tenor:
- Short-term: Up to 180 days
- Medium-term: Up to 48 months, with maximum grace period of 6 months - Interest rates are competitive for the market in USD and JMD
- Collateral required
Other products
- Small- and medium-sized tourism enterprises loan: For qualified entities in the tourism sector, tourism linkage networks, manufacturers, suppliers, and hotels
- Loan amount: Up to JMD 25 million with a 5% per annum fixed interest, and up to a 12-month grace period on principal payments
- Tenors: Up to 180 days for short-term loans; up to 5 years for medium-term loans - Energy loan: For businesses seeking sources for energy to power up and maintain operations
- Eligible borrowers include commercial and industrial companies, energy service companies, and manufacturers of energy efficient equipment and devices - Receivables financing loan facility:
- Loan with bullet payment for tourism related companies
- Tenor: Short- and medium-term facilities
- Qualified borrowers are ancillary and related to tourism (e.g., laundries, janitorial services, car rental companies, etc.)
- Use of loan proceeds may be used to finance equipment acquisition and facilities refurbishment/upgrading
Modality | Tenor | Cover type | coverage |
---|---|---|---|
Insurance | Short/medium/long-term | Comprehensive | 85% |
Insurance | Short/medium/long-term | Political | 90% |
Performance highlights
What's new?
- EXIM Jamaica rolled out a loan sale, looking to use proceeds to increase lending portfolio by 33%
- The Jamaican Tourism Ministry granted JMD 350 million to EXIM Jamaica to fund loan facilities to SMEs in the tourism sector
- Companies involved in production of traditional goods (sugar, bananas, bauxite, and alumina) are not eligible for financing
- An SME must qualify for one of the below: - Total sales (annual turnover) less than JMD 1 billion - Number of employees is less than 250 - Total fixed and current assets are less than JMD 300 million
- Facilities offered in JMD and USD
- KYC policy includes disclosure of shareholders with over 25% ownership and other standard requirements