In keeping with its commitment to nurture and grow the small and medium-sized sector and add value, JMMB Group is looking to welcome a new cohort of small and medium-sized enterprises (SMEs) in its yearlong accelerator programme, set to start in May 2024.

The programme, which was launched in 2021, to cater to SMEs in Jamaica and Trinidad & Tobago, will this year welcome entrepreneurs from Barbados, which is the newest country in which JMMB Group operates. 

Shani Duncan-Falconer, senior corporate manager, JMMB Group SME Resource Centre, shared, “We are proud that through our partnership with our first cohort of dedicated SMEs many of these businesses saw growth in revenue, up to a 200 per cent boost. In addition, some of these SMEs have expanded into new markets and locations; improved their corporate governance structure, which is a key pillar in attracting financing, and saw growth in their staff complement and increased their business capacity, among other milestones. Following on the success of this inaugural cohort, we are excited to replicate these achievements with the new cohort of ambitious SMEs.” 

Sankhard Company Limited, an agro-processing, marketing and distribution company that was a part of the first cohort of the accelerator programme, lauded the programme for the boost to its business. Sandra McLeish, managing director of Sankhard, shared, “It helped to catapult us into the export market, namely the UK, which was an area of the business we were working on for some time”.

She also credits the accelerator programme for improving the business’ capacity and better streamlining its processes, which has enabled the company to attract grant funding to invest in its operations.

Describing the overall experience, as a true partnership, McLeish said, “JMMB went above and beyond and took the time to know us as SMEs and understand our business models, (my company) was more than a number and as such we got solutions customized to our needs.” 

Getting started

The JMMB Accelerator programme is open to Jamaican, Trinbagonian and Barbadian-based SMEs that have been operating as a sole trader, partnership or limited liability company for at least two years, with revenue of between J$15 million and J$425 million, or local currency equivalent where applicable.

The programme is open to all eligible SMEs, including companies not aligned with the bank. Additionally, these SMEs should have a good credit history. The application period ends on April 19.

To apply, SMEs should complete an application form, at https://bit.ly/3Jof5rs. The selection process is based on the high-growth potential of the business and the JMMB Group’s ability to support the business needs during the programme adequately.

Programme structure

The programme, which is offered in collaboration with the University of Technology (UTech), is designed with a holistic approach, to meet the needs of the entrepreneur and his/her business model through financial partnership, training and mentorship. 

At the start of the programme, each SME that has been shortlisted will be evaluated with an initial growth wheel assessment, to better understand the company’s strengths and areas of improvement, so that a clear roadmap may be created to nurture, scale and grow each business along its life cycles.

Throughout the year, the business leaders will have the opportunity to engage in one-on-one coaching sessions, tailored to their specific needs and objectives and a series of workshops and seminars on a range of business related topics, to equip them with the knowledge and skills needed to thrive in today’s competitive landscape.

The topics to be covered include 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.

Additionally, these entrepreneurs will participate in CEO roundtables designed to deepen their network and collaboration, in addition to sharing ideas and expertise. 

As members of the accelerator programme, these SMEs will also have access to the JMMB Group SME ecosystem and its partners’ services which offer support services, at discounted rates. In addition, SMEs will have the opportunity to participate in a pitch competition with up to J$1 million or the currency equivalent being awarded by the JMMB Joan Duncan Foundation, for investment by the top three entreps in their respective businesses.  

JMMB Group committed to SME sector

“Our accelerator programme reflects our unwavering commitment to supporting entrepreneurship and driving economic development in the Caribbean, in recognition of the key role that SMEs play in providing employment and contributing to gross domestic product,” said the JMMB SMERC head.

She added, “By fostering a supportive ecosystem for entrepreneurship, JMMB Group aims to catalyse the success of SMEs and contribute to the long-term prosperity of the Caribbean region. We therefore look forward to collaborating with the second cohort to provide the financial partnership that will unlock their full potential and drive innovation in the region.”

In keeping with the JMMB Group’s strategy to add value to the SME sector, the regional financial conglomerate provides financial partnership, resources, innovative financial solutions and a network, to support SMEs throughout their business life cycles, thereby, facilitating the nurturing, scaling and growth of these companies, while filling the gaps that currently exist in the financial sector. As a demonstration of its commitment, JMMB Group recently concluded the roll-out of its PowHerful Women in Business programme, which caters specifically to women SMEs.