JMMB Bank to Launch Accelerator Programme for MSMEs in Jamaica and Trinidad & Tobago
The JMMB Bank, through its SME Resource Centre earlier this month, opened its application to begin enrolling micro, small and medium-sized enterprises (MSMEs) for its Accelerator Programme. This initiative is designed to provide MSMEs with the necessary expertise, training and coaching, network and support services, to assist their businesses to scale and grow, by boosting sales and, providing the necessary governance structure to bolster capacity in order to strengthen their business.
The Accelerator Programme is open to Jamaican and Trinidad and Tobago-based MSMEs that have been operating as a sole trader, partnership or limited liability company for at least two years, with revenue of between J$15M andJ$75M, or the $TT equivalent. Additionally, these MSMEs should have a good credit history. The programme is open to all eligible MSMEs, including companies not aligned with the bank. The application period end on September 1.
Application Process
Interested MSMEs are required to complete an application form and submit to the JMMB SME Resource Centre. Applicants will be required to submit a summary of the company’s business plan and financial information. Following completion of the application form these MSMEs will be shortlisted by an assessment committee, including a subject matter expert and industry professionals. All shortlisted candidates will be required to participate in a pitch process with the assessment committee before final selection. Businesses will be selected based on high-growth potential and the JMMB Group’s ability to adequately support the businesses needs during the programme.
The JMMB Group has joined forces with the Technology Innovation Centre (TIC), which falls under the Joan Duncan School of Ethics, Entrepreneurship and Leadership at the University of Technology, Jamaica, to roll out the Accelerator Programme over a two-year period.
Shani Duncan-Falconer, senior corporate manager, JMMB Group SME Resource Centre in sharing the significance of the programme noted, “The growth of the MSME sector is critical to the recovery of the Caribbean economies, as it provides significant employment and is a major contributor to gross domestic product (GDP). In spite of the pandemic, in Jamaica specifically, we have seen an increase in the number of registered businesses, which suggests that there is a greater thrust towards entrepreneurship. We recognise that with the right support and partnership, we will be able to transition more MSMEs to fledging businesses and eventually household names. It is against this view that JMMB Bank decided to launch the Accelerator Programme.”
MSMEs that have been shortlisted for the programme, will have an initial Growth Wheel assessment to further examine and understand their strengths and areas of improvement, so that a clear roadmap may be created to nurture, scale and grow these businesses along their life cycles. During the programme, these entrepreneurs will have the opportunity to bolster their expertise in a range of areas through workshops, quarterly coaching sessions and quarterly CEO Round Tables.
As part of the process of strengthening the leadership skills and capacity of these businesses, participants will be exposed to a range of topics, during training sessions including: accounting and taxation, financial management, marketing, business planning, project management, operations management, human resource management, copyright and legal issues, ethics, commercial negotiation and export planning. Each business will also be assigned a coach that will work with the respective MSMEs to tailor solutions to suit its business needs in a bid to grow and scale the business during the programme. In order to maximise the value of the programme all participants in the Accelerator Programme are expected to take part in these business development and support services.
Members of the Accelerator Programme will also have the added benefit of access to the JMMB Group SME ecosystem and its partners’ services at discounted rates, as well as participation in the Centre best practices bi-monthly workshops.
“At the end of the two-year programme, we hope to provide entrepreneurs with the skills and knowledge to enable the sustainability of their businesses and bolster their capacity so that these businesses can further scale and grow by attracting further funding through debt, equity or grant financing,” shared Duncan-Falconer.
Strategic Thrust to Support SMEs
This move is in keeping with the JMMB Group’s strategy to add value to its SME clients, through the provision of financial partnership, resources, innovative financial solutions and a network, throughout these businesses’ life cycles, thereby, providing the necessary support for growth, and filling the gaps that currently exist in the financial sector.
The JMMB SME Resource Centre, which was established in Jamaica, in 2019 and Trinidad & Tobago, in 2020, is designed to help SMEs improve operational efficiency, lend expertise, and access resources, which will ultimately allow them to grow .It provides coaching and a range of advisory services, including: marketing, taxation, accounting, business plan writing and other general financial management and back office support, with the assistance of its partners and other organisations.
The JMMB Bank has sought to increase financing to this sector, which is a persistent challenge touted by SMEs. Since the start of the year, JMMB Bank has forged several partnerships, including signing agreements with Inter-American Development Bank (IDB) Invest for over US$ 65M and EXIM-Bank to provide more affordable financing to SMEs.