With the global meltdown affecting the country, the Jamaica Social Investment Fund (JSIF) has joined various financial institutions to assist several inner-city communities.
Jamaica National, Access Financial Services Limited and City of Kingston Co-operative Credit Union will be offering loans not exceeding $100,000 to entrepreneurs of 12 communities in the parishes of St Andrew, Kingston, St James, St Catherine and Clarendon.
The total loan portfolio is $44,100,000.
Gene Shaw, project manager, said the aim is to improve the lifestyle of persons in the communities the institution targets, and in the long term, develop the entire area.
"This initiative is to get the financial institutions we are working with to go into these communities and try to improve these persons' standard of living by improving their business opportunities," Shaw stated.
Persons choosing to take the loan must satisfy the terms and conditions laid out by the JSIF. Successful applicants should be a first-time borrowers, should not operate a business that requires the purchasing of alcohol or drugs with the funds, and must either live or operate the business within the targeted communities.
One of the beneficiary communities is Bucknor in Clarendon, where Minister of Transport and Works Mike Henry is member of parliament.
impressed
The minister said he was impressed by the initiative and pledged to support the venture.
"It is good to see that you are taking an instant response to the needs, because I know that anything that happened last week may be different this week, considering the number of layoffs happening," said Henry.
Everton Barrett, a member of the Jones Town community, expressed his disappointment in the amount of money offered.
"I thought I would be getting some money to borrow that can start a real business, this can't get a business to start the real way," he said.
Barrett had planned to open a cyber centre because he sees the need for one in his community.
"It's a time when everyone is using computers and I would like to get my community enlightened, but considering the amount of money made available to us, it will take a little more time," Barrett added.
He said the plan was to have computer classes while students would be given the opportunity to get their assignments done by using the Internet.
But Barrett's plan has not all together crumbled, as he will be opening the business on a smaller scale. The disadvantage though, is he will not be able to accommodate many persons at once.
"I am going to buy whatever computers the money can buy and then try to build it from there," he said.
nadisha.hunter@gleanerjm.com