Jamaica National intends to rally round its members in the face of rising economic challenges. That's the message the financial institution issued in Mandeville on Thursday, during the first of several financial planning sessions it has organised.

The sessions aim at reaching out to members and potential customers, providing survival tips, investment strategies as well as an array of ways it intends to help them navigate vulnerable accounts.

Among the topics discussed were small business solutions, investment, budgeting, saving, and loan management.

Well-known psychologist Dr Wendell Able was also drafted to present a session on coping with financial stress.

Determined effort

Emile Spence, the senior executive in charge of Business Development and Research, who addressed the gathering at the Golf View Hotel, revealed that the 135-year-old institution had rolled out over $200 million in benefits last year, and a determined effort would be made to help protect the status of their loans and small business ventures.

"Our members are our priority and we have an obligation to ensure there are mechanisms to deal with their problems," Spence explained.

"The challenges that affect them, affects us. It is their progress that makes us what we are," he added.

Among the initiatives slated to help JN's members are; payment holidays, renegotiation of monthly payments, as well as extended mortgage periods.

Their members will continue to enjoy the absence of any user charges for automated teller machine transactions, and the payment of utilities.

Special loans

For those faced with high credit card deficits, the company is offering the option of special loans that can be used to clear the balance. Such loans will, according to Spence, carry less stringent monthly obligations.

A special part of JN's initiative relates to their small business component. There is a renewed call for customers with creative ideas and ventures to come in to any JN branch now.

"The message is that, in crisis, there is opportunity," Spence sought to assure.

"Fear of failure should not be a hindrance," he said.

Existing businesses facing hardships or closure were also welcomed. The next financial session will target western-based members at the Wexford Hotel in Montego Bay later this month.

- Richard Bryan