COVID-19: Factories Corporation of Jamaica offers assistance package
Loop file photo of a FCJ facility in White Marl, St Catherine.
Factories Corporation of Jamaica Limited (FCJ) is offering assistance to clients affected by the coronavirus (COVID-19), including a rent moratorium and an option for rent payment financing.
In a release on Monday, signed by Chairman Lyttleton ‘Tanny’ Shirley, the FCJ said the new policies are intended to assist clients who have been negatively impacted by the outbreak of the virus, especially those in the productive sector.
Effective immediately, the FCJ is offering removal of rent charges and cessation of maintenance increases for the next six months as of April 1, 2020 - September 30, 2020.
A moratorium will be offered on rent for companies that have experienced a significant decline in business. This moratorium will be for a three-month period, effective April 1, 2020.
The moratorium will be reviewed at the end of May to determine if a further extension is needed, FCJ said.
“FCJ recognises that majority of its clients in the manufacturing and distribution sectors will experience a disruption in their operations as the Jamaican economy feels the negative impact of the pandemic,” the agency said.
Conditions are applicable to the moratorium and companies must submit a written request to the client service department to access this benefit.
The corporation also indicated that special consideration will be given on written requests submitted to the client service manager for a payment holiday on rent only for up to two months for clients on an existing payment plan scheme approved by the finance department up to April 30, 2020.
The FCJ said it will also offer a faster formulation of payment plan arrangements for clients not on an existing scheme, upon written requests submitted to the Client Service Manager on the difficulty to cover rent and maintenance charges available up to April 30, 2020.
The release noted, “these fiscal measures are geared towards balancing the concerns of existing clients while maintaining FCJ’s fiscal prudence. FCJ will continue to monitor our clients to ascertain their challenges and make the necessary adjustments to keep us all in business.”
As indicated on the website of the Office of the Prime Minister – in whose portfolio the agency falls, FCJ has primary responsibility for the development and management of industrial and commercial space in the public sector.
The agency is in the business of leasing and managing industrial, commercial and office spaces to investors.
It manages over 170,000 square meters of industrial space which it provides for a wide cross-section of industries such as manufacturing, food processing and commercial activities.
FCJ now owns 13,199 square meters of purpose-built space and retro-fitted 10,404.65 square metres of existing space for the industry.
In support of the government’s plan to develop Jamaica as the fourth node in Global Logistics, FCJ is now developing projects which will be suitable for Special Economic Zones which will facilitate transnational manufacturing and distribution companies, and facilitate value-added activities.