Friends give iNSIGHT into financial future

Barbara Ellington, Public Affairs Editor

There's a new kid on the financial services block. It is iNSIGHT Financial Services Ltd (IFS) - a micro-financing solutions organisation, and it is headed by a team of five lifelong friends who were school, college, and workmates. The partners have proved that good friends can operate a business together without fuss or rancour.

The five: Renic Coke, Howard James, Julian Patrick, his wife Jeneve, and Andrew Lewin. Coke brings several years of sales expertise to the group; James is an accountant, Lewin handles logistics, Julian handles strategy and marketing, and his wife Jeneve deals with administration.

"The idea germinated several years ago when by researching the market, we observed how the application process for Small and Medium Enterprises (SMEs), and working professionals, was tedious, at the end of which there was no guarantee that they would get the loan," Coke said in an interview with The Gleaner.

Fast forward to a year ago when they established the service and began lending amounts ranging from a low of $10,000 to a maximum of $100,000, at nine per cent interest and no more than six months to repay. Demand was so great, a year later, they all launched out to focus full-time on IFS.

Patrick said they were all at a point where they were feeling the negative effects of corporate life, so they agreed to translate the effort they were putting into working for others into business for themselves.

"There is a wealth of experience among us," Coke noted, explaining that they opted for a digital consumer finance company in order to move ahead of Jamaica's existing curve. "We envision a time in the near future when we can all take an application and disburse a loan online as a matter of course," Coke said. The typical iNSIGHT clients are salaried professionals in the 25-40 age group, in stable relationships, own a good car, and taking home between $80,000 and $280,000 a month, but who have small short/medium-term financing needs.

This savvy group of business partners sees no reason why a working professional should not be able to get a $50,000 loan in 10 minutes. "Bureaucracy does not secure a loan nor does it guarantee repayment. Our focus is the relationship with our clients," Patrick stressed.

Budgetary advice

IFS will not lend for frivolous purposes like repaying other loans, and most important, if required, they will give budgetary advice and guidance. "We will break things down into understandable language for customers," James said.

Already looking to explore prospects in the region, IFS sees micro-financing companies strategically positioning themselves to help SMEs grow Jamaica out of its financial predicament. They will also be targeting groups such as artistes who have been previously underserved.

So far, word-of-mouth and social media have worked to spread the word for them, and each partner responds to enquiries/feedback as soon as they are made. "You will never get an answering machine when you call us. We are never closed to business; one of us will answer, and we will come to you; we are running a 24/7 operation because we are client-driven," Coke said.

IFS is fully registered and compliant with all applicable laws and statutes under the government of Jamaica.

For more information, phone: 876-806-5003 / 276-6993 / 787-4985.

Website: http://www.insightfsltd.com

Facebook: www.facebook.com/pages/InsightFinancial-Services-Ltd

LinkedIn: http://www.linkedin.com/home

barbara.ellington@gleanerjm.com

Checklist for Application

1. Loan application form

2. Client must be permanently employed.

3. Copy of identification (driver's licence, voter's identification or passport)

4. Copy of work identification

5. Proof of address (utility bills, credit card/bank statement, letter addressed to you from another financial institution)

6. Last two pay slips

7. Copy of Taxpayer Registration Number (TRN) card

8. Post-dated cheque(s) or equivalent (salary deduction form etc.)

9. Signed loan agreement10. Name of referee