Factories Corporation implements Covid relief measures

by April 6th, 2020

The Factories Corporation of Jamaica Limited (FCJ) has instituted policies to assist clients who have been negatively impacted by the Coronavirus (covid-19), especially those in the productive sector.


In a statement today, the FCJ said it recognizes that majority of its clients in the manufacturing and distribution sectors will experience disruption in their operations as the Jamaican economy feels the negative impact of the pandemic.


The FCJ said effective immediately, no rental and maintenance increases, which are due, will be applied for six months, that is, from April to September.


Another measure is that a moratorium will be offered on rent for companies that have experienced significant decline in business.


This moratorium will be for a three month period, that is, April to June.


It will be reviewed at the end of May to determine if a further extension is needed.


The FCJ noted that for the moratorium, conditions apply, and companies must submit a written request to the client service department to access this benefit.


A third measure is special consideration to be given on written requests submitted to the client service manager for a payment holiday on rent only, for one or two months.


This is for clients on an existing payment plan scheme approved by the finance department up to April 30.


The final measure is that the FCJ will offer faster formulation of payment plan arrangements for clients not on an existing scheme, upon written requests submitted to the client service manager, on difficulty to cover rent and maintenance charges available up to April 30.


The FCJ said these fiscal measures are geared towards balancing the concerns of existing clients, while maintaining FCJ’s fiscal prudency.


The corporation will continue to monitor clients to ascertain their challenges and make the necessary adjustments to keep all in business.