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March, 2016
The MSME Finance Directory - One Year Later -
Fresh Magazine
March, 2016
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It’s that time of year again…..time to do something special for the loved ones in your life…...time for some random acts of love and romantic gestures that will not only make someone’s day, but put you in touch with your better self. It’s Valentine’s! The season of love and chocolates. And flowers. And scented candles. And all the romantic gifts and gestures you can think of. Let us help you save time and money with these great, inexpensive gift ideas you can buy or make for your loved ones. Enjoy!
You can’t go wrong with romance
Say it with flowers
Inexpensive Valentine’s Day Gift Ideas
Lingerie and other sexy under– and outer-wear make great
Valentine’s Day gifts
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SAVVY Shopping Making Dreams Reality In these challenging economic times, one of the things that most of us resolve to do at the start of each New Year, is increase our income. And what better way to do this than to create a new income stream, start a whole new business, or expand an existing one? For those who need to borrow money to capitalize a new venture or need working capital to expand an existing one, there are some attrac-
. . . Is YOUR
tive ways, both traditional and nontraditional, to fund your ventures. It was with this in mind that led the Development Bank of Jamaica (DBJ) to establish the MSME Finance Directory. According to the DBJ, the MSME Finance Directory provides a comprehensive list of funding opportunities for micro, small and medium sized businesses that are seeking financing opportunities to make
their entrepreneurial magazine of Fresh Ideas! ideas reality. The Directory lists a range of Find what you financing options from need to: loans, grants, venture capital to equity fi Get great value nancing. for your money Registration is en Create new incouraged but is not a come streams pre-requisite for using the site, although perImprove your sons who register are life eligible for updates on Achieve your funding opportunities. goals The DBJ said its goal in creating the Succeed in Directory, is to your endeavors. make a posiEmail your comtive impact on the ments, questions, growth and developideas and suggesment of Jamaica’s tions to: MSME sector. The Directory is <marketfresh.magaz ine@gmail.com> user friendly and provides a onestop-shop opportuEditor: - Carmen Richards nity. Email feedback to: The Editor: <marketfresh.magazine@gmail.com>
Want to shamelessly plug your business? Reach over 45,000 Jamaicans in the Diaspora! Email us at: marketfresh.magazine@gmail.com
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The DBJ MSME Finance Directory - One Year Later In early 2015, the Development Bank of Jamaica (DBJ) launched its digital Finance Directory primarily for the benefit of the Micro, Small and Medium Sized Enterprise (MSME) sector. The MSME Finance Directory was developed by the DBJ and the University of the West Indies Mona School of Business and Management (MSBM). Speaking at the launch on January 21 at the DBJ’s New Kingston offices, Chairman of the Bank, Joseph M. Matalon, noted that small enterprises possess the greatest strengths for economic development, but due to a lack of information, many of them fail during their infancy stages. He said with the establishment of a website that provides financing information, and other support services, the MSME sector “need to know that they need not fail, as assistance is available to help them to start and expend their business.”
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According to the DBJ Research Services Division, between January 1, 2015 and March 13, 2016, the MSME Finance Directory received some 20,419 site views of which some 5,699 were actual users of the site. The DBJ further noted that 80 percent of the site’s visitors were new while 20 percent of the site’s views were of returning visitors. While visitors to the site came from a wide cross-section of countries, some 40 percent of them were from Jamaica and 19 percent from the United States of America (USA). The DBJ MSME Finance Directory was developed in association with the Mona School of Business. The DBJ is still in the process of accessing information from both MicroFinance Institutions (MFIs) and Accredited Financial Institutions (AFIs) including commercial banks and other major lenders and uploading information to the site for the benefit of interested users.
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The Development Bank of Jamaica Limited is a corporation that is wholly owned by the Government of Jamaica and is mandated to foster economic growth and development of strategic sectors of the Jamaican economy. It was created in April 2000, from the merger of the Agricultural Credit Bank of Jamaica Limited and the National Development Bank of Jamaica Limited. The operations, assets and liabilities of the National Investment Bank of Jamaica (NIBJ) were further amalgamated with the DBJ on September 1, 2006. The DBJâ&#x20AC;&#x2122;s aim is to facilitate the growth and development of all viable enterprises in the productive sectors of the Jamaican economy. These sectors include agriculture and agriprocessing, manufacturing, information technology, mining and quarrying, energy, services and tourism.
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Students urged to become entrepreneurs From left: Keleisha Carter, Jamaica National (JN) youth ambassador team leader at the University of the West Indies (UWI); Chrys-Ann McLaren, medical student at UWI, scholarship and bursary winner; Jacqueline Robotham, business relationship and sales manager, Jamaica National Building Society (JNBS); Shanique Leslie, Sam Sharpe Teachers' College student and bursary winner; Mario Fletcher, chief JN youth ambassador; Keneisha Dixon, JN game changer and member service representative, JNBS Duke Street branch; Junior Thomas, student at Caribbean Maritime Institute and bursary winner; Danzalee McIntosh, JN game changer and member service representative, JNBS UWI branch; Kavelle Townsend, student at the University of Technology and scholarship winner.
Training coordinator at Jamaica National Small Business Loans, Jacqueline ShawNicholson, urged students considering entrepreneurship as a career not to quit despite the challenges they may face, especially in the early stages. She was one of the presenters at the Jamaica Stock Exchange eighth National Investor Education Week which took place at The Jamaica Pegasus hotel, recently, under the theme 'Financial Knowledge the Key to Wealth Creation'.
DBJ Definitions of Micro, Small and Medium-sized Businesses
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Jamaican Cuisine Jamaican Cuisine Jamaican Cuisine Jamaican The prices of some common agricultural products vary widely across the several urban markets monitored weekly by the Agriculture Marketing Information System division (JAMIS) of the Ministry of Agriculture. Urban markets include Coronation Market in downtown, Kingston; Papine Market; the Cross Roads Market and the Constant Spring Market. While the Coronation Market remains the market of choice for consumers seeking the lowest prices and the widest variety of goods, prices also vary within and between all the markets. For the best bargains and the best value for money, consumers are encouraged to keep track of the weekly variations in prices as captured by JAMIS. Visit JAMIS online @ ja-mis.com. Current Prices at Local Prices Points for Week Ending March 3, 2016.
Local Cabbage (Green) Price per Kilo Farm Gate: $55 - $198 Wholesale:$176 - $484 Retail: $261.60 - $725.96
Imported Cabbage (Red) Price per Kilo Retail: $296.56 - $296.56
Carrot Price per Kilo Farm Gate: $44 - $264 Wholesale:$132 - $220 Retail: $165 - $650
Local Pumpkin Price per Kilo Farm Gate: $33 - $110 Wholesale:$88 - $242 Retail: $115.49-$369.59
Local Tomatoes (Plummy) Price per Kilo Farm Gate: $44 - $220 Wholesale:$88 - $154 Retail: $148.49 - $320 Fresh Magazine
Local Sweet Pepper (Green) Price per Kilo Farm Gate: $110 - $330 Wholesale:$264 - $484 Retail: $336 - $758.96 March, 2016
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Most Jamaicans struggle with their finances, but many people are still unwilling to discuss personal finance issues. This attitude is not unusual. In its first consumer book: Save Wisely, Spend Happily, the American Institute of Certified Public Accounts (CPAs) offers the following tips and teachings about money, following their research on Americansâ&#x20AC;&#x2122; attitudes about personal finance. For more information, see: savewiselyspendhappily.org
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Plan to Your secure your child’s Money education
$
As the new cohort of GSAT achievers prepare for their sojourn in high school, their parents and/or guardians can do no less than to ensure that they are given every opportunity to succeed. This means parents/guardians must do everything in their power to secure adequate funding for their children’s education. Fortunately, Scotia Jamaica Life Insurance Company Limited (SJLICL) makes it possible for parents to make smart financial decisions and plans, designed to secure their children’s future with the purchase of a ScotiaMint policy. ScotiaMINT is one of several products offered by SJLICL. We also offer credit protection on your loans, mortgages, credit cards; and
sum premium and J$60,000 a year of your regular premium. ScotiaMINT combines life insurance protection of up to $1 million with tax-sheltered savings in one convenient, personalized financial solution. These premium returns on your investment enable ScotiaMINT to build and multiply your net worth by significantly increasing your assets. In this way, ScotiaMINT can help you build real wealth over time. As a policyholder, you can make regular monthly or annual premium payments and lump -sum premium deposits that accumulate at a competitive rate of interest, allowing you to save towards specific long-term goals such as home
ScotiaLines, helping you protect your family from the unexpected. ScotiaMINT is one of Jamaica's leading long-term financial plans. An interestsensitive life insurance policy, ScotiaMINT offers taxadvantaged benefits on up to J$1,000,000 Students of Montego Bay (all girls) High School get ready to a year of your lump- start a new term and new school day Fresh Magazine
March, 2016
ownership, retirement and education. If you make no withdrawals and you pay your premiums on time, you can earn a Long-term Savers' Bonus every five years to help build your savings faster. ScotiaMINT is available from any Scotiabank branch islandwide. 15
Health &
Wellness Pretty & Delicious Fruit Salads Have it your way
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How to tell if you bought ‘bad gas’ It is official: there is no solution in sight for the problem of contaminated fuel (bad gas) that has been plaguing the local market since the latter part of 2015, as the committee which the government set up to probe the issue and make recommendations to fix existing loopholes, has asked for more time to complete its work.
So what do you do and how can you tell if your vehicle suffers engine failure and you suspect ‘bad gas’ as the culprit? Keeping proper documentation, including receipts from gas purchases and repairs, is one of the recommendations from the Consumer Affairs Commission (CAC).
And according to Leonard Watt, Supervisor in the After-Sales Service Centre of Kia Motors Jamaica, because some of the symptoms of engine problems as a result of ‘bad gas’ are similar to the symptoms of other types of engine problems, motorists should not self-diagnose. He explained that some of the The reform committee was given until January 31 to submit its initial report to then energy minister, Phillip Paulwell. However, just prior to the deadline, the committee requested an extension of 20 days, noting that “the complex nature of the current problem dictates more time and resources for us to arrive at a meaningful conclusion, therefore your request for us to provide you with a report on the first part by January 31, 2016, has proven to be a major challenge.” Meanwhile, motor vehicle engines continue to be damaged by the suspected ‘bad gas’ resulting in hundreds of thousands, if not millions of dollars in losses to motorists. Fresh Magazine
engine problems resulting from ‘bad gas’ include: bucking, smoking, difficulty starting, engine not throttling properly and not revving properly. However, he said these are also some of the symptoms that can affect other parts of the engine not related to the fuel line, therefore, a thorough and professional diagnosis is necessary. And pursuant to its legal mandate, the Consumer Affairs Commission continues to investigate complaints relating to “bad gas” with a view to seeking redress under the Consumer Protection Act from the persons/entities responsible.
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