Cash Cow Ltd., opens for business today on island. The company will provide short term loans to working residents who may be in need of financial assistance.
According to businessman Austin Howe, the company was established to support the increasing demand for small loans that most banks do not provide.
“Over the past few years, I’ve been assisting people who want to do something as simple as buy school text books for their children or pay a light bill but do not have the funds. Sometimes that money is repaid other times I lose a considerable amount. I wanted to find a more structured way to assist people,” explained Howe.
Initially, Cash Cow, which in other places is known as a payday loan company will only provide amounts of between $100 to $1000 to qualified residents. Applicants, he said, must be aware that the repayment interest is higher than the banks. Part of what the company will provide is some financial education to explain the repayment terms, meeting expenses, etc.
In the future the businessman hopes to provide short term payment solutions for furnishings and appliances similar to Courts Caribbean.
Cash Cow LTD can be reached at 496-1356.
