JN Small Business Loans Limited (JNSBL) will open two more branches this month.

The micro-lender is expanding to capture a larger share of the estimated 460,000 small and micro enterprises in Jamaica.

The two additional locations — to be located in in Black River, St Elizabeth and May Pen, Clarendon — will increase the company's branch network to 29 stores.

JNSBL opened its 27th branch in Half-Way-Tree, St Andrew, last week.

The expansion also allow clients to conduct business outside of banking halls, which are sometimes crowded, according to Frank Whylie, JNSBL's general manager.

"These branches are located in our largest and busiest regions, where our loan portfolio continues to perform well," Whylie said. "Our surveys also point to a growing number of entrepreneurs in these regions, who are in need of financing at favourable rates."

The new shops are being located in areas that collectively received 45 per cent of the loans disbursed by the company in the last fiscal year.

The company has already increased its cadre of field officers to facilitate the expansion.

Last year, JNSBL disbursed more than 24,630 loans valued at $2.1 billion after it increased the loan amount under its BizGrow facility to a maximum of $400,000 and reviewed its repayment terms to allow clients more flexibility in making payments. The company also added an education and personal loan to cater to entrepreneurs' needs beyond their businesses and recently introduced a motor vehicle loan product.

"This loan may be used to purchase new or used vehicles," Whylie explained. "And, we provide up to 95 per cent of financing for new vehicles and 85 per cent of the cost for used vehicles depending on the age of the automobile."