Credit Reporting Legislation to Help Small Borrowers

LEGISLATION COMING FOR HOW INSTITUTIONS WILL COLLATERIZE LOANS...SAYS PM GOLDING

Government has laid plans to amend the method by which lending institutions collateralize loans.  This initiative is intended to   expand opportunities for small businesses and micro enterprises and to facilitate people who have some value but lack the necessary documentation and opportunity to transform that value into capital leverage.  

Making the disclosure Prime Minister Bruce Golding said: "We believe that this is critical... the area of small and medium sized enterprises is where we feel there is hope. We have provided significant funding but investors often have problems in accessing it.  The credit reporting legislation that is before parliament will do an enormous amount of good in improving people's access to credit."  

Speaking at the Gleaner  Editors forum on Tuesday (Aug 25), Mr. Golding  advised that  banks will continue to look at a person's credit history so as to ensure that they get a good credit report over the shortest possible time.