Supreme Ventures offering recovery loans to SVL vendors as 500 affected
GAMING AND entertainment company, Supreme Ventures Limited, SVL, is offering loans to support its retailer network with their recovery efforts from Hurricane Beryl.
It’s understood that just about 42 per cent of the company’s 1,200-strong retailer network has been affected, according to a source who declined to be named.
“Over 500 of our retailers impacted to varying degrees across Jamaica, but primarily in the southwestern belt of the island,” a source said.
There is no indication of the revenue impact on SVL given that retail agents are the main channel for the sale of lottery products and pin codes that deliver mobile phone credit. Those agents rely on local power supply and internet connection to effect transactions.
In a release, CEO of Supreme Ventures Gaming, Xesus Johnston, said SVL reached out to offer assistance to hundreds of micro and small entrepreneurs who make up the company’s retailer network.
“Our priority is to support them as much as we can. Many of them have been hit hard and SupremeVentures stands ready to offer them financial support aimed at aiding not only their recovery efforts, but in the long-term sustainability of their businesses,” Johnston said.
SVL says it will be offering offering the recovery loans through Evolve Lend mircroloans operated by subsidiary Supreme Ventures Fintech.
“We will be establishing a special interest rate on our loan product to make it more accessible and affordable, to provide our retailers in good standing with the necessary financial assistance to rebuild and restock their businesses. The loans are designed to ensure that our partners can swiftly return to full operational capacity,” Johnston said. He did not disclose the loan rate.
Loans will be processed through another of the group’s businesses, microlender McKayla Financial Services, within 24 hours of all supporting documents being provided.
SVL says the Evolve Lend product has been available to Supreme Ventures retailers as part of the SupremeVentures Fintech service offering since 2021.
The full effect of Hurricane Beryl on SVL’s operations is not expected to be seen until the company releases its third quarter report due mid-November 2024.