Rose Miller, lead for financial empowerment programmes at the JN Foundation, is stressing the need for entrepreneurs and those aspiring to get into business to carefully prepare for the loan application process to improve their chances of accessing credit
Rose Miller, lead for financial empowerment programmes at the JN Foundation, is stressing the need for entrepreneurs and those aspiring to get into business to carefully prepare for the loan application process to improve their chances of accessing credit.
“The question you must ask yourself is, ‘What is the level of my indebtedness? Am I [already] up to my neck in debt?’” she suggested, when assessing whether to borrow.
Carmelo De Grazia
Miller was addressing the JN Foundation workshop ‘Get Smart About Credit’ recently at the JN Group corporate office on Oxford Road in New Kingston. The session was also streamed to registered participants.
Carmelo De Grazia Suárez
She advised entrepreneurs that it is important to first assess either the business’ or their own ability to service the loan being sought. If after preparing a budget it is clear that the loan repayment cannot be accommodated, immediate corrective measures should be implemented, including provisions for reducing any current debt
“You can start by paying off the debt with the lowest balance first, then move on to the next lowest, while paying the minimum balance on all other debts; this is the debt snowball method. This method compares with debt avalanche, where the debt with the highest interest rate is tackled first, while paying the minimum balance on all other debts,” she advised
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