JBDC - Business Dialogue Magazine

Special Edition April-June 2016/ Second Quarter

“OPENING THE DOOR TO FINANCING OPPORTUNITIES” Youth Entrepreneurship

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They have stuck with me and helped me grow my business and put my Best LIFE Forward.

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Special Edition Features

HIGHLIGHTS

Jamaica Harvest

Small Business Expo

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NCB Developing Jamaican SMEs

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Jamaica Harvest

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Getting a YES to that Proposal

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Accessing the Right Kind of Financing

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EXIM Encourages Local Businesses to Access a Receivables Financing Loan

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Small Business Expo 2016

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Turning School Exams into an Online Game in Jamaica

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CIBC FirstCaribbean International Bank Offers 3-Month Loan Special

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‘A Culture of Serial Entrepreneurship is Crucial’ – The Gleaner

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Financial Management Made Simple

STAFF ADVISORS:

Editor-In-Chief & Content Coordinator Suzette Campbell – JBDC Corporate Communications Unit

Ms. Valerie Veira, J.P. Chief Executive Officer Mr. Harold Davis Dept. Chief Executive Officer

Gordon Swaby 17

Assistant Content Coordinator Sancia Campbell – JBDC Corporate Communications Unit Design & Layout Melissa Green – JBDC Visual Communications Unit Photography Colin Porter – Technical Services Unit

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The year 2016 is a special one for the Jamaica Business Development Corporation (JBDC), as we mark our 15th Anniversary as the agency mandated by the government to lead the development of the Micro, Small and Medium Enterprise sector (MSME). It was a yeoman’s task we embraced with tenacity at a time when the sector was not significant for many and we knew that this meant that one of our primary tasks would be to get buy-in and build partnerships with both public and private stakeholders who would support our efforts in reaching our very diverse target audience. We approached this audience with a simple, yet powerful message – “How Can We Help You?” Fifteen years later, we are pleased that we have helped thousands in remarkable ways ‘from concept to market’.

Our hearts swelled with pride as we saw some of our clients at the recent JEA/JMA Expo Jamaica, representing brand Jamaica and presenting themselves in their own spaces as professionals from the gift & craft sector, sending a compelling signal that craft is big business! When we see our client and 2013-2014 Entrepreneur of the Year, Lacey Ann Bartley making the front page of a major newspaper, we are reminded of the impact of what we do.

In an age where it seems it’s all been done before, we believe there’s much more that we can do, so we impress upon our entrepreneurs the importance of research. Research drives innovation and creates a catalyst for opportunity and development. Our own research has become critical in determining our clients’ needs and guiding programme development. With access to financing emerging as one of the major challenges to growth, it will be the focal point for the 9th annual Small Business Expo & Conference on May 12, 2016. Once again, our partners have made this a reality, joining us as we “Open the Door to Financing Opportunities” and continue to ask “How Can We Help You?” See you there!

Valerie Veira, J.P. CEO, Jamaica Business Development Corporation

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Suzette Campbell is a multi-award winning communications practitioner with 13 years’ experience spanning Public Relations, Journalism and Marketing in both public and private sector organizations. With a highly competitive spirit and creativity, she enjoys a good challenge and prides herself on leaving an indelible mark of success in her endeavours. Using her gift of writing, she hopes to win hearts and positively impact the lives of those on whose behalf she tells stories. Suzette is currently the Corporate Communications Manager at the Jamaica Business Development Corporation.

Sancia Campbell is a PR Practitioner in the business and hospitality sectors with over 13 years experience in marketing, publicity and communications. An excellent writer and avid lifestyle blogger, Sancia enjoys reading, project management and events planning. She is currently the PR & Events Coordinator at the Jamaica Business Development Corporation (JBDC).

Brenda Lee Tang is Head of the ACCA Caribbean office which was established in 1999 and is based in Trinidad.

Brenda assumed this position in August 2008. Prior to this she held the post of Head of Policy Development and Head of Corporate Development. She is a Fellow of the Association of Chartered Certified Accountants and in her current role she is responsible for leading ACCA’s business and for the establishment and development of key relationships and the advancement of ACCA’s strategy in the region.

Other Contributors: National Commercial Bank, CIBC First Caribbean International Bank, The Gleaner Company Limited, EXIM Bank, Nick Davis-BBC

NCB DEVELOPING JAMAICAN SMES Contributed

In 2004 as part of its mandate, National Commercial Bank Jamaica Limited (NCB) became the first commercial bank on the island to establish a framework for holistic support of the Small and Medium Sized Enterprise (SME) sector; recognising and aligning support based on the critical nature of this group to Jamaica’s economic growth.

Consequently NCB has crafted financing options for SMEs as they seek to not only sustain but take their businesses to the next level. Thus, through its developmental programmes and support for this sector, the Bank has been instrumental in leading on programmes designed to provide business customers with the requisite knowledge about the options available to them. Through its NCB SME biannual Conference and NCB Capital Quest, businesses are provided with tools, tips and resources to strengthen their capacity to access financing from various sources. These range from traditional bank loans and products, to venture capital and private equity.

It is our aim that armed with this knowledge, in conjunction with strong business management; appropriate financing solutions can help businesses to unlock new growth opportunities, which by extension will contribute to the overall growth of our nation.

The Junior Stock Exchange continues to be a very important vehicle driving Jamaica’s economic growth while unlocking the entrepreneurial spirit in Jamaica. It allows SMEs to grow their businesses in the form of equity from investors, rather than with debt. Once listed, SMEs can benefit from tax holidays for a number of years allowing them to reinvest their profits in the business and to buffer cash holdings which would otherwise have been paid out if taxed. Through NCB Capital Markets, business owners can explore equity financing to help grow personal and business wealth.

“SMEs are crucial fiscal actors within the economies of nations. They are a major source of job creation and they represent the seeds for future large companies and corporations. SMEs also have the propensity to be more innovative than larger firms, due to their flexibility and their ability to quickly and efficiently integrate inventions created by the firms’ development activities, that’s according to Qian and Li 2003 & Verhees and Meulenberg 2004. Research supports the notion that SMEs which engage in innovation activities are better performers. Even in analysing global trends, it is evident that the role of the SME sector has been transformed into that of catalyst for growth, development of businesses and employment. These are essential to a revitalised Jamaican economy, Therefore, supporting the sustainable development of SMEs in the way NCB is doing enhances our understanding of their needs in respect to growth and enlargement. Such understanding better enables us as a financial institution to formulate sound support strategies for SMEs’ viability and competitive advantage,” said Audrey Tugwell Henry, Senior General Manager, NCB Retail Banking.

Fully convinced that SMEs are possibly the main drivers of the Jamaican economy facilitating in excess of 70 per cent of local jobs, NCB has sought to establish a strong relationship with this key sector. By creating brand association through a series of initiatives and solutions to help its customers improve their businesses and optimize their profit margins, the Bank has become the partner of choice for Jamaican SMEs. Thus in aiming to fulfill the needs of the sector, NCB has designated a team of business bankers to provide financial guidance for business customers across Jamaica. Utilising a comprehensive assessable approach, the Bank continues to facilitate capacity-building initiatives, such as the recently concluded ActionCOACH Training Series, biannual SME Conference, and HEART/NTA Training in association with the Nation Builder Awards Programme.

These projects deliver business-development, taxation and strategy-identifying workshops, among others, to SME owners.

NCB also offers SME owners tailored solutions for commerce. Among the Bank's offerings are convenient and relevant solutions which also assist financial planning and business efficiency. The NCB Merchant Advance Credit Facility provides SME card customers with access to financing using their future debit and credit card receivables as security – this remains a unique structured offering of NCB. Additionally for the prudent SME, Visa Business, Keycard Biz, Keycard Biz Lite and Business Edge, represent the future of payments and feature attractive interest rates with cashback options.

Meanwhile existing SME customers can avail unsecured financing for short-term business needs as well as financing for business re-tooling, energy projects, commercial property acquisition, business expansion, restructuring and capital expenditure initiatives.

Businesses can explore these and other financing tools at the 9th annual JBDC Expo and Conference. NCB is proud to align with the organisation under the expo’s theme: “Opening the Door to Financing Opportunities” - sharing our core beliefs of supporting bold innovation, and ingenuity among SMEs towards building a stronger economy.

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by Suzette Campbell

Move over wheat flour! In an age of health consciousness, a few innovative Jamaicans have used locally grown produce to develop gluten free flour as a tastier and healthier alternative. So if you’re struggling to divorce yourself from wheat, you will be intrigued by a variety of flours made from breadfruit, pumpkin, plantain, sweet potato, banana and cassava, as well as granola cereals and bars made from yam and sweet potato – all grown and processed

by Jamaican entrepreneurs, now being marketed under the Things Jamaican brand ‘Jamaica Harvest.’

The delectable ‘Jamaica Harvest’ product line (currently in its introductory phase) also includes dried fruit treats such as pineapple, papaya, coconut, mango and naseberry; pepper jelly; jams made from sorrel, guava and passion fruit; teas made from sorrel, rosemary, basil lemon grass and mint; and powdered spices made from rosemary, thyme, scotch bonnet pepper and eskallion.

“The Jamaica Harvest collection was borne out of our interaction with several clients who came in with prototypes of a similar nature. Based on our assessment, we recognized that they each had a good product but would be unable to take it to the next level without support owing to a deficiency in resources. Having seen the potential of clustering utilized in previous initiatives, we decided to apply the methodology to this group of persons and come up with a commercially viable product for the specialty foods market. We had our Food Technologist work with them in product development, while we worked on a marketing strategy,” explained Janine Taylor – Manager, Things Jamaican.

According to Mrs. Taylor, the producers who hail from several parishes islandwide had varying degrees of capabilities as it relates to production. “We saw limiting factors that would impact the producers’ ability to respond to market demand once the products hit the shelves, so ideally they would thrive under conditions which facilitate them to be interdependent, yet being individually profitable. For example, some had a production facility with low volume based on the availability of produce, while others had enough to produce at high volume, but without a production facility,” she added.

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Valerie Veira, CEO of the Jamaica Business Development Corporation (JBDC) which owns and manages Things Jamaican, says data from the field indicates that the lack of a business plan, access to finance and the ability to export are key challenges to growth within the MSME sector and clustering is an effective means of solving these issues with the help of government and the private sector. “Clusters are a strategic networking of entities engaged in co-related business activities that are linked horizontally, vertically, diagonally (and sometimes virtually) along the value chain that serve towards enhancing the competitiveness of both the individual entity and the cluster of entities,” she explained.

Continuing, she added that cluster activity enables entrepreneurs to acquire critical skills including better management of the value chain, procurement management, marketing, as well as to achieve economies of scale/scope. “It facilitates bonding and fellowship so you know you’re not alone, entrepreneurs share ideas and best practices and they gain greater access to resources such as finance. This type of environment creates the right conditions towards increased profitability,” she said.

‘Jamaica Harvest’ was officially market tested at the recently held JMA/JEA Expo Jamaica and the response was overwhelming. “More than 90% of persons said they would buy them. The health conscious tasters were pleased that the dried fruits and jams were not too sweet. What we found even more interesting was the fact that many said they would have bought it without tasting due to the impressive packaging. Some questions whether the packaging was done locally and we were proud to inform that the branding and packaging was totally handled by our in-house Visual Communications team. Given the audience we are targeting, everything about the packaging was deliberate; from the branding to the materials,” said Mrs. Taylor.

The organization has major plans for ‘Jamaica Harvest’ including exportation and expansion of the product line to include saltfish fritters mix, shake & bake mix, as well as, sweet potato and yam porridges. “We are confident that we’ve got a winner on our hands, as persons have been calling and expressing high anticipation for the official release on the Things Jamaican shelves in a few months. We will be partnering with other entities to ensure that we grow Jamaica Harvest,” Mrs. Taylor added.

GETTING A YES TO THAT PROPOSAL

by Suzette Campbell

One of the key requirements in submitting an application for grant funding for a project is the submission of a proposal, a significant hurdle which could impact whether your idea remains just that or becomes a reality. Lisa Taylor-Stone, Project Management & Research Manager at the Jamaica Business Development Corporation (JBDC) says often times, the best project ideas are denied funding by donor agencies due to common pitfalls.

Have a Solid Plan

According to Mrs. Taylor-Stone, some persons are unable to demonstrate the sustainability of the project. Even though projects are not meant to be sustainable, donors tend to fund projects that can be converted into programmes over the long term. “You must be able to explain how you will spread the impact or the results of the project overtime. Many persons don’t want to fund a one off project; they want to ensure that the project is really making a difference. With entrepreneurs, it’s a bit different, because if you’re an investor, you’re going to pump money into a business and expect to get a return. But if you’re a donor, where your primary motive is charity, it is going to be difficult to give funding to an entrepreneur because their motive is profit, unless the entrepreneur is able to projectize the business. By this I mean twinning the profit element with a social good. For example, Jovan Evans’ invention of the Pump-N-Spray water system could have been projectized by twinning with a social good, which is combatting a drought,” she explained.

Obey the Rules

The research expert pointed out that one of the common pitfalls of proposal writing is failure to adhere to donor specifications and requirements. “Sometimes they ask for specific things in the proposals. Persons don’t read the call for proposals properly, so they don’t adhere to the rules and guidelines, and donors tend to be sticklers in terms of adherence to whatever that they ask for,” she said.

Dishonesty/Breach of Ethics

Mrs. Taylor-Stone cautions that honesty and transparency are critical.

“For example, persons may send multiple proposals to various donors, not knowing that donors speak to each other. It’s ok to send your proposal to multiple donors, but you must declare it to all your donors. If one donor approves a portion of your request, you have a duty to inform the others that you have received part-funding and

you are still requesting that they approve the remainder, so they may decide if they would like to partner with another donor,” she added.

The Project Title

Continuing, she added that applicants tend to downplay the importance of the project title, which is the first element of the proposal that donors notice. “The project title must be specific, catchy, edgy and demonstrating the purpose of the project in about ten to fifteen words. The title is what gets a lot of projects read, so it’s a strong selling point for your project and a lot of persons aren’t able to coin a captivating project title even though the project is brilliant,” she said.

Have a Qualified Team/Partner

Mrs. Taylor Stone also advises that persons should seek assistance with proposal writing. “Do not try to write a proposal on your own. It’s not a one man initiative so ensure you have a solid team with an established track record of success in the area in which you are applying for the grant, as well as a proof reader. Donors will be interested in looking at the persons who will be managing the project,” she added.

Cost Counterpart Resources

Costing your counterpart resources is also critical. “Some applicants only view counterpart as cash, not realizing that it also includes sweat equity in terms of (1) their time and (2) the equipment that will be used; these need to be valued and reflected as counterpart. In this way, you’re going to the donor with something; don’t go empty-handed because donors always want to know that you’re contributing some amount of value to the project,” she pointed out.

The applicant should aim for a value that is equivalent to between 10% and 30% of the amount being requested.

Applicants are also being urged to register with local and international donor entities to keep abreast of new opportunities for funding. Mrs. Taylor-Stone is the developer of the JBDC’s ‘Tapping into Donor Funds’ Proposal Writing Workshop implemented in 2013. Since then, more than 200 persons have participated, with several benefiting from grant funding amounting to JMD$76 million in grant funding from donor entities. Participants are also able to access the JBDC’s funding registry. The next workshop is scheduled for May 17 – 19, 2016.

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Accessing the Right Kind of Financing

by Brenda Lee Tang

ACCA has a long standing interest in access to finance for SMEs. Accountants are the SME sector’s most trusted advisors, and independent research across countries consistently shows that they are the people SMEs rely on to help them navigate the tough financing landscape.

At the global level, access to finance is an agenda highly relevant to the ACCA membership. Almost one in three ACCA members (over 50,000) are involved in raising finance for their own organisations or clients in any given year. A good place to start when looking at access to finance for SMEs is by considering how SMEs finance themselves at the moment.

We say the right kind of finance because sometimes the language of policymakers and the media can suggest that different sources of finance are interchangeable – if you can’t get a loan, maybe factoring will work for you, or a business angel will be interested. In reality, there is definitely such a thing as the wrong kind of finance, and it can put your business at risk. Alternatively, chasing after multiple types of funding at the same time is a distraction that business owners can rarely afford.

How finance professionals can best assist clients looking for finance?

• First, we know that many businesses, especially small services firms, don’t use external finance at all and only a small minority are heavy users of external finance.

• Second, much of the financing the sector relies on, such as trade credit and retained earnings, doesn’t come from finance providers, but is generated within the business through the process of good financial management.

• Third, personal investment makes up a significant share of the financing of SMEs.

The first thing to clarify in this regard is that the decision to apply for funding should be the end, not the beginning, of the ‘Access to finance’ journey for SMEs. It is business planning that will reveal, in a timely manner, the business’ true financing needs. A good business plan: makes it easier to choose the right amount and type of finance, makes it more likely that an application will be successful and timely (It can take a long time for a business to adapt internally until it is a good proposition for the bank, and even more so for an equity investor.) In some cases good planning makes external financing unnecessary.

Furthermore, the SME financing landscape is ever evolving and has been changing rapidly in the aftermath of the financial crisis. Specialist lenders are swooping in to take market share from the major banks on the basis of their sector expertise or superior risk models. Online platforms for equity crowd-funding, peer-to-peer lending and receivables trading are growing. Supply chain finance, whereby large buyers help finance their suppliers against their own superior credit scores, is also growing. So, the bottom line is that there is a very substantial range of financing options open to businesses; the key lesson for business owners and managers is to remain open minded, explore all options and get the right kind of finance for their business.

A professional accountant can walk business owners through the process of business planning and raise the issue of external finance as appropriate, while ensuring that the types of finance sought match the business’ needs. And we mustn’t forget the role of financial capability, including good financial management in the role of access to finance. All too often, this aspect of access to finance tends to be overlooked. Financial information aids many if not all the decision making processes in a business and this is when strong financial management can become a source of competitive advantage, helping the business to identify and exploit opportunities.

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Many local businesses are likely to know how hard it is to gain or maintain cash flow to fund the development of the business or meet those income deficiencies. There may come a time when customary small business financing, for example, loans and credit, will be constrained or not in reach to keep production going. In business, "cash is king" and this is why the EXIM Bank continuously seeks to develop creative and innovative products and services to address the needs of the SME sector to promote sustainable businesses that can contribute to Jamaica’s economic growth and prosperity.

EXIM Bank does and the increasing difficulties that local entrepreneurs continue to face in trying to keep their businesses afloat, call for targeted solutions that are tailored to offset these challenges. The issue of limited cash flow continues to affect local businesses and this problem is compounded with the customary delays in getting their receivables paid in a reasonable time by customers. EXIM Bank’s Receivables Financing Loan, which is now available to local SMEs, is a significant step in enabling these companies to bridge this gap and stay competitive.

This has heralded the “roll out” of the new Receivables Financing Loan as the Bank perpetuates its thrust to boost the productive capacities of non-traditional sectors such as Tourism, Manufacturing, Agro-processing, Mining, the Tourism Industry, Information Communications Technology and the Creative Industries. This Receivables Financing Loan allows customers to access up to JMD$60 million or per transaction at affordable interest rates and may be utilized to secure raw material or goods while the business awaits payments. It also facilitates the ongoing access to funds as soon as each loan is repaid and offers flexible collateral requirements for borrowers.

EXIM Bank’s Receivables Financing Loan is available to business entities registered in Jamaica. Loans are offered on a short or medium term basis, with short-term loans being offered for a maximum period of 120 days. It may be used to finance the following: working capital, pre and post shipment transactions, equipment acquisition and refurbishing or upgrading of facilities. Each transaction attracts a small processing fee which is payable upon approval of the facility.

Promoting sustainable growth and development for Jamaica’s productive sector is at the heart of what the

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The introduction of this loan financing facility, which addresses the practical and day-to-day needs of SMEs, is expected to pave the way for accelerated growth in this very important sector of the economy.

2414 Trinidad SME ad_7.5x10in.indd 1

01/04/2016 14:37

Ninth Annual Small Business Expo to Focus on Financing & Youth Entrepreneurship

by Sancia Campbell

Valerie Veira (centre), CEO of the Jamaica Business Development Corporation (JBDC) poses with sponsors of the 2016 Small Business Expo at the recently held launch of the 2016 Small Business Expo at the Jamaica Pegasus Hotel. (L-R) Chaluke Richards – GK General, Nadine Neita, Director, MSME and Alternative Channels – C&W Business, Audrey Tugwell Henry, Senior General Manager, Retail Banking Division –NCB, Roger Brown, Managing Director – Herald Printers Limited, Pete Walker – GK General, Jordan Tate – GK General, Ayana Kirton, Marketing Manager, Jamaica Yellow Pages and Gordon Swaby (front), CEO – EduFocal Limited & Keynote Speaker for the Expo.

The Jamaica Business Development Corporation (JBDC) will this year host the 9th staging of its annual Small Business Expo & Conference as well as mark 15 years of operations in Jamaica. Charged with the mandate to assist in the development and sustainable creation of Micro, Small and Medium-sized Enterprises (MSMEs) in Jamaica, the JBDC has facilitated the development of many local businesses through the network brokering approach, ‘from concept to market’.

Under the theme, ‘Opening the Door to Financing Opportunities’, the Expo and Conference is being hosted in partnership with the National Commercial Bank and will be held on Thursday, May 12 at the Jamaica Pegasus Hotel.

As is customary, the expo will feature a plethora of exhibitors including representatives from financial institutions, government agencies and marketing support companies. This year, the expo will also feature a number of micro-entrepreneurs who are doing their part to create wealth, provide jobs and build the local economy. These include AJ Draughting & Associates which was recently awarded as the most improved entrepreneur, after his participation in Season 5 of the Innovators TV show.

Other participants include Taylor Made Events & PR Management, another participant in the Innovators, Body by Sam – a fitness and healthy lifestyle transformational firm; and Rose Tyrell, long-standing JBDC client who supplies stylish, handmade footwear made from leather and crochet.

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Additionally, several exciting speakers will present in informative and exciting workshops and information sharing sessions. Among the areas to be covered in the workshops are: Listing on the Stock exchange, Making Your Business Pitch Ready, Venture Capital and Crowdfunding, Youth Entrepreneurship, Proposal Writing and Opportunities in New Media.

The expo will also have a heavy emphasis on youth entrepreneurship with presentations from young entrepreneurs making a mark in their industry. Renewable Energy Consultant, Innovator and Founder of Kimroy Bailey Robotics and the KB Foundation, Kimroy Bailey is scheduled to conduct a Robotics presentation and demonstration which is expected to elicit both excitement as well as inspire new ideas in entrepreneurship. The principals of eMedia Interactive, Jamaica’s first online media company, Javette Nixon and Tyrone Wilson will also showcase several opportunities in new media.

The main speaker for this year’s expo is the Founder and Chief Executive Officer of EduFocal, Gordon Swaby. EduFocal is an e-learning web application for students sitting CSEC and GSAT examinations. Swaby was recognized by the Private Sector Organization of Jamaica in 2012 as one of the 50underFifty business leader awardees. He was also named in 2014 by the Inter-American Development Bank as one of ten innovators in the Latin American and Caribbean region.

Turning School Exams into an Online Game in Jamaica

by Nick Davis, BBC

March is the month that brings anxiety to schoolchildren and their parents across Jamaica. It's when pupils aged 11 or over sit their Grade Six Achievement Test, better known as the GSAT. Some 40,000 students sit the exam every year. For most, the worry is because they and their families feel their entire future depends on it.

In Jamaica, like many places, competition to get into certain secondary schools is fierce, the GSAT exams place pupils into their top five choices by performance - and that's where Edufocal steps in. "Like in a video game students compete for the top spot. For many it is not school work, it's playing," says Gordon Swaby, the company's chief executive. At that age they love to compete."

Online competition

It's an online learning platform that's getting children to study through "gamification", making it fun to train for examinations. The firm makes studying more like a computer game, where pupils compete and their high scores are the tests results. "They start on level one on all the subjects," says Mr. Swaby, and to move up they need to answer the questions correctly. They can win prizes whether it's a movie ticket, food vouchers, mobile credit. That's the cultural element to it, Jamaicans love to win stuff, they love incentives," he says.

Exam tests

Gordon, aged 25, started the business four years ago, but this was not his first online venture. As a teenager he launched a video game website from his rural home in central Jamaica which became one of the biggest gaming sites in the Caribbean. He now employs four people full-time and two part-time with Edufocal, as well as, teachers across the country who are paid to write content for the platform.

It costs about $15 (ÂŁ10) a month for parents to buy a subscription to Edufocal. This allows pupils to access some 23,000 exams in the core subjects tested by the GSAT; math, languages, arts, science, social studies and communication. Once on the site, they can go through hundreds of tests, get feedback on the ones they got wrong, and also see how well they're doing on a leader board - creating competition among thousands of pupils.

'Immediate feedback'

Outside Rollington Town Primary School in downtown Kingston, Jamaica's capital, the sweet sellers are waiting to see if any of the stragglers will buy a snack. Inside the school, some more punctual pupils are already waiting outside the computer lab, ready for an Edufocal session. In this part of the capital, most parents struggle to even buy lunch for their children, but the school works with them and Edufocal so that all can afford to use the exam preparation platform.

"Most of the parents are unemployed or they don't have internet access", says the school's head teacher, Dr. Margaret Bailey. "We've done our work - our mock exams - so we know what the weak areas are of each student. If they are weak in science we use Edufocal classes in

Gordon Swaby science, those who struggle in languages, we do Edufocal classes in languages. We know their strengths and weaknesses because Edufocal gives immediate feedback".

The company has been tested itself as it began with a $50,000 loan. Mr. Swaby says that having so much debt was the "worst way" to start-up.

But it soon found investment via a local tech incubator JGX Labs and support from the Branson Centre of Entrepreneurship. In the early days, the company also benefitted from the support of large established Jamaican companies who saw the site as a positive - business for good in its truest sense.

Changing landscape

Edufocal is now being used by thousands of students across the island.

And the firm is now looking towards new markets, especially in the English-speaking Caribbean like Trinidad and Barbados, and to West African countries like Ghana that share a similar curriculum. The company is also looking to add more features to the platform to help students and educators.

"Making personalised recommendations on how pupils need to study is a really powerful, and it's something we've not had in Jamaica before," says Gordon Swaby. "All of that data is useful, not just for parents but for the Ministry of Education, as they can use it to enable students to see areas which are problematic, it's data at work and can help change the landscape of education in Jamaica."

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CIBC FirstCaribbean International Bank

Offers 3-Month Loan Special Contributed

Small businesses have historically been a staple of economies all over the world often providing increased employment opportunities, fostering the utilization of indigenous materials and skills, and providing a financial boost for local towns and communities.

In our ongoing dealings with operators in this important sector of our economy, CIBC FirstCaribbean has developed a deep understanding of the needs and resources that are required to start a business, innovate and tackle new markets to sustain growth.

In this regard, we recognize that the availability of affordable financing is a critical need and forms the basis of the bank’s specially reduced interest rate of 10% p.a. on small business loans, which will assist in mobilizing these businesses.

expand their operations, upgrade equipment, retool and have access to extra cash flow. Business operators will be able to take advantage of this reduced interest rate financing offer to capitalize on emerging opportunities and support the growth of their operations,” Mr. Francis declared.

He noted that CIBC FirstCaribbean has a range of other products and services that support small business development and invited interested persons to speak to a Business Banking Officer at any one of the bank’s branches.

Owen Francis, Director, CIBC FirstCaribbean Retail Banking Channels, announced the 3-month special offer on April 1, 2016, “for qualified small business operators seeking financing to establish and/or

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‘A Culture of Serial Entrepreneurship is Crucial’ – The Gleaner Contributed

As a multi-media Company, The Gleaner Company (Media) Limited takes seriously its responsibility to disseminate the kind of information that will educate the population about the importance of business intelligence and provide the necessary information flow that businesses require to make informed growth decisions.

A culture of Serial Entrepreneurship is crucial to Jamaica’s economic prosperity and we must all do what we can in our various capacities to ensure that this happens. We must have students with a passion for business, education and training institutions that weave entrepreneurship courses into their cirruculum, public policy that provides a healthy environment for business growth, a consumer base that understands the importance of supporting our local economy and the dissemination of business-related information in a timely and relevant manner.

We at The Gleaner have had our flag-bearer Financial Gleaner and Business Sections on which Jamaicans have depended for credible, timely and relevant information for decades – at first in print, and then as we moved with the technological demands of the times, we expanded our efforts to our online and radio platforms.

But more recently we have placed special focus on our

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small business sector through our Small Business Page which offers significantly-discounted advertising for businesses which may not be able to afford extensive marketing efforts, but still need the visibility afforded by the media. This, in conjunction with affordable specialised multi-media packages created by our sales agents for MSMEs every day provides the necessary eyes and ears that local MSMEs need to prosper.

The Gleaner promotes growth through our products by bringing attention to national and community issues and exposing the wealth of talent that Jamaica produces. This association with the Small Business Association, to highlight the invaluable contribution of entrepreneurs to our country’s development and to expose them to the opportunities available to them, is just one of our many efforts to help Jamaicans to visualise and realise their dreams.

We look forward to further collaborations with the SMEs through our print, radio, mobile and online media, as they achieve future milestones.

The Gleaner will continue to partner with projects such as this and ensure that businesspersons continue to have as many resources as we can provide through our media to nurture them to success.

by Suzette Campbell

The Jamaica Business Development Corporation (JBDC) recently partnered with the UWI Mona School of Business to train professionals such as lawyers and doctors operating private practices in financial management. The course ‘Financial Management Made Simple’ was delivered over a three-day period during the month of April at the University by lecturers and representatives from the JBDC’s Financial Support Services Unit.

Participants were exposed to Basic Accounting, Bookkeeping, Financial Statement Analysis, Financial Planning & Budgeting, Cash Flow Management & Tax Planning both theoretically and practically. “The participants were particularly enthusiastic about high level of practicality we brought to the course such as learning the QuickBooks System first-hand and understanding financial statements in a simpler form, rather than ledgers and journals associated with an accounting system. It’s not about training them to pass an exam, but rather how to apply this knowledge to

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their day-to-day business management,” explained Melissa Bennett, Manager of the Financial Support Services Unit.

The course is the first in a series under a Memorandum of Understanding (MOU) signed between the JBDC and the Mona School of Business in 2015 which sees both organizations collaborating to deliver specialist programmes to entrepreneurs in the professional services sector.

The JBDC is cognisant of the fact that financial services continue to be an integral component of business development and success. In recognition of this fact, the JBDC has established a Financial Support Services Unit (FSSU), which will provide support services to MSMEs aimed at building their capacity and preparing them to more effectively and efficiently navigate the existing financial market. The main goal of the unit is to foster growth and development through research, training, financial hand-holding, access to financing and grant disbursement.

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Jamaica Business Development Corporation

JAMAICA BUSINESS DEVELOPMENT CORPORATION Head Office: 14 Camp Road, Kingston, Jamaica 1 (876) 928- 5161-5 JOGP!KCED OFU t XXX KCED OFU