Small Business Association Wants Banks to Lower Monthly Payments

President of the Small Business Association of Jamaica, SBAJ, Garnett Reid, is urging The Bankers Association to act quickly to lower monthly payments for consumers and business owners.

This, following the Bank of Jamaica’s recent decision to lower interest rates by 25 basis points.

In a statement to the media, Reid says small business owners with credit scores below 670 are finding it toughest to access credit, particularly in a high interest rate regime.

He says the move by the BOJ will allow greater opportunities for business owners negotiating for favourable credit terms and perhaps rebuild credit scores with now lower monthly loan payments because interest rates are lower.

However, the SBAJ president expressed concern that bankers usually act quickly to raise interest rates but take in excess of 90 days to lower these rates.

He argued that to take more than 30 days to lower the interest rates on credit cards, auto loans, mortgages and personal loans is unacceptable.

Reid wants The Bankers Association to act to ease the pressure on small businesses within the next 30 days.