Thursday, April 03, 2008
SMEs learn how to access more financing
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| NCB’s Oneil Hall (left) and Maxine Brown Cowan (centre) talk business with Barry Baugh (right) of Jamaica Citadel Insurance Brokers Ltd. at the recent Know How Seminar held in Montego Bay. |
A group of Small and Medium Enterprise (SME) business owners met with representatives of National Commercial Bank Jamaica Limited (NCB) and National Export-Import Bank of Jamaica (Ex-Im Bank) at the Wexford Hotel in the second-city recently to explore financing options for their businesses. This NCB Know How Seminar was the first to be held in Montego Bay, with NCB’s St. James St., Baywest, Halfmoon and Falmouth branches participating. It featured two presentations, the first from the Ex-Im Bank on their various loan facilities and the latter from NCB on the importance of the SME segment to Jamaica as well as an overview of finance options via NCB’s SME packages.
Ex-Im Bank offers competitively priced trade financing and medium term loans to the productive sector, complemented by export credit insurance and other related services. As an Approved Financial Intermediary, NCB works closely with the Ex-Im Bank to help its customers from the small business sector access creative financing options offered through the Ex-Im Bank. “Both NCB through its SME unit and the Ex-Im Bank have a slew of products and services. Utilization in this area has been good, however we expect other synergies to be developed out of this seminar”, outlined Robert Brooks, Branch Manager - NCB St James St.
Manager of Trade Financing & Risk Management at the Ex-Im Bank, Valerie Crawford commended NCB for the innovative insight in staging these Know How Seminars. “This very forward thinking approach is the kind of thinking that we would like to encourage” expressed Mrs. Crawford. “We will continue to partner with them and we expect a lot to come out of this sort of symbiotic relationship between ourselves and the National Commercial Bank,” she added.
In his address, Charles Lewis, Chief Officer – Credit, shared key pointers with the business owners. “Seek financing that is appropriate for your business…pay close attention to your markets and your competitors,” he encouraged.
Currently, SME’s account for 60 per cent of Jamaica’s GDP and 60 per cent of employment across the island. This group of dynamic entrepreneurs play an integral role in the scope of Jamaica’s economic expansion. Recognising the importance of the small business sector, NCB established its SME Unit in 2004 to help this group improve their efficiency.
Designed to be ‘knowledge-imparting’ seminars that specifically target NCB’s SME customers, these sessions offer critical financial guidance. Mr. Brooks explained the rationale behind the interactive seminars when he said, “Hosting these seminars is a direct response to the collective expressed needs of our SME customer base. We hope to empower our customers with information on how to access the various facilities designed with them in mind.”
Following her detailed presentation on the array of SME tailored offerings, Maxine Brown Cowan, NCB’s SME Business Development Manager invited business owners to share their questions or concerns. “We want you to leave this place knowing that you have all the information you need to continue to grow your business,” she implored.
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