JMMB Bank has selected 24 micro, small and medium-size enterprises (MSMEs) from Jamaica and Trinidad in its first batch of participants to its recently launched accelerator programme.
Senior corporate manager of JMMB Group’s SME Resource Centre, Shani Duncan-Falconer said that with the support of the programme more MSMEs will be positioned to become more structured businesses and eventually household names.
“At the end of the programme we hope to provide entrepreneurs with the skills and knowledge needed to enable them to operate sustainable businesses and bolster their capacity so that they can further scale and grow their businesses, as evidenced by increased revenue, better corporate governance structures in place, and the ability to attract additional funding through debt, equity or grant financing,” she said.
The two-year accelerator programme, offered by JMMB Bank in collaboration with the Technology Innovation Centre (TIC) under the Joan Duncan School of Ethics, Entrepreneurship and Leadership at the University of Technology, Jamaica, will provide MSMEs with the necessary expertise, training, coaching, network, and support services aimed at helping them to scale and grow their businesses.
“In recognising that the sustainable growth of companies takes time, JMMB Bank sought to partner with these MSMEs over the long term and support them with these initiatives and services to allow them to implement measures, monitor them and evaluate the success, versus a short-term intervention,” Duncan-Falconer added.
JMMB Bank has said that the launch of the accelerator programme aligns with the wider strategic thrust of the group which seeks to provide more assistance to members of the small business community through the provision of financial partnerships, resources, and innovative financial solutions. This, as the regional financial conglomerate also seeks to fill existing gaps in the sector.
Following a month-long application process and the vast number of applications received, the 24 MSMEs were selected from diverse industries comprising hospitality, manufacturing, construction, agriculture, creative services, real estate, insurance and retail services.