The JMMB Group Small and Medium-sized Enterprise Resource Centre (JMMB SMERC) has extended an invitation to women-led or owned small and medium-size enterprises (SMEs) operating in Jamaica and Trinidad & Tobago to apply to be a part of its newly launched ‘PowHerful Women in Business’ programme.

Women-led or owned SMEs with an interest should be in operation for over a year and earn more than J$15 million in annual revenues.

Following the application process, SMEs will be shortlisted by an assessment committee, including subject-matter experts and industry professionals. Businesses will be selected based on their growth potential and the JMMB Group’s ability to adequately support their needs during the programme.

The six-month-long programme is designed to empower female entrepreneurs to access the necessary support and financing to scale and grow their businesses successfully. Additionally, it will foster the formation and deepening of business networks, providing opportunities for expansion and growth into new markets. Shortlisted businesses will benefit from a needs assessment with an assigned JMMB SMERC officer to ensure a thorough understanding of the business needs and provide recommendations in line with these.

The intensive programme will consist of coaching sessions, accountability partnering and workshops on a range of topics, including: marketing, personal branding, networking, strategic and business planning, accounting and financial management, among other key areas, to drive business success. Additionally, WSMEs will have access to mentorship and support to create and update business plans, marketing plans and financial statements.

In sharing more about the programme, Shani Duncan-Falconer, senior corporate manager of JMMB Group SMERC, outlined: “The programme will cater to the personal and business needs of female entrepreneurs… and aims to address some of the unique challenges they face by creating an enabling environment and a gender-sensitive financial framework.”

Continuing, she said: “It will, therefore, allow WSMEs to have access to a range of business advisory support services, to better prepare them to scale their business. Additionally, through JMMB Group, these WSMEs will have access to financing at special rates, three months free rental of point-of-sale machines and special offering on other financial solutions, namely: saving, retirement solutions and insurance.”

Perceived gap in financial support

The ‘PowHerful Women in Business’ participants will also be able to take advantage of discounted services from a range of partners in the JMMB Group ecosystem, such as Transformational Life Solutions, Sisters Ink, Private Sector Organisation of Jamaica (PSOJ), Bureau of Standards Jamaica and Young Entrepreneurs Association (YEA).

The programme comes amid the perceived gaps in the financial sector’s support for WSMEs. Research findings and recommendations from the 2021 Women’s entrepreneurship development assessment funded by the International Labour Organization (ILO) highlighted the need for gender-sensitive financial and business literacy programmes for women entrepreneurs in MSMEs. The recommendations were aimed at increasing their eligibility for financial loans from traditional banking institutions and provide gender-sensitive business development support services.

JMMB Group recognises the significant contribution of female entrepreneurs to Jamaica’s overall economic development, increasing economic activity and job creation. Inspired by its co-founder, the late Joan Duncan, JMMB Group aims to replicate her success of growing a small investment house into a regional financial conglomerate, and transform women-led businesses into powerful contributors to the economy and household names, through its newest programme – ‘PowHerful Women in Business’.

This programme is part of JMMB Group’s strategic thrust to support SMEs by providing financial partnership, resources, innovative financial solutions, and a supportive network throughout their businesses’ life cycles. It complements previous gender-based lending initiatives and demonstrates its commitment to fill existing gaps in the financial sector.

This latest move by JMMB SMERC is focused on leveraging the vast potential market opportunity for women-led businesses by addressing their unique financial needs and filling gaps in the financial sector.