Businessuite News24
JMMB Bank Hosts Small Business Seminar – Experts Urge Small Businesses to Get the Fundamentals Right
Friday, August 2, 2019, Kingston, Jamaica…During a recent (July 24) seminar hosted by JMMB Bank, at its Knutsford Boulevard branch in New Kingston, tax and marketing experts urged the small business participants in attendance, to get the fundamentals right in the start-up and early phase of their businesses. This, the experts said, enables entrepreneurs to access financing and other technical support, as their business grows.
Tax expert, Merrick Saddler of Taxwise, in his presentation, highlighted two key areas of taxation that affect all small businesses, namely income tax and general consumption tax (GCT), noting that it is critical for entrepreneurs to understand basic taxation principles, as “ignorance of the various taxes laws does not exempt them (entrepreneurs) from being liable for payment of the applicable taxes.” Saddler pointed out that good record-keeping of the relevant documents, such as: invoices, banking transactions, receipts, and using good accounting principles to manage expenditure and income, can assist entrepreneurs to more accurately determine the amount of tax payable to the relevant authorities. This clear financial management is essential, against the background of the self-reporting approach used by the tax administration in Jamaica, whereby the burden is placed on the business owner to pay the relevant tax.
He further urged entrepreneurs to “separate personal expenses and income from business-related ones”. In explaining the principle of income tax, the tax consultant outlined that this is applicable to all disbursements and expenses wholly and exclusively incurred in acquiring or generating the income for the business. Cautioning that personal property that is used by business owners for dual purposes could not be attributed as a business expense. The following income tax deductions, however, were outlined by Saddler for all small businesses: national insurance scheme (NIS), education tax and National Housing Trust (NHT).
Communication consultant and managing director of DRT Communications, Danielle Terrelonge, in sharing key pointers to scale-up their businesses, highlighted a few marketing fundamentals, noting, “Be clear what you want to achieve for your business, then align your marketing objectives to achieve these one or two business goals.” Terrelonge emphasized the need for small businesses to understand their target audience and be deliberate in choosing the best channels to speak with them, and not simply set up a plethora of social media pages. Instead, “identify a few initiatives that align with your business objectives, which speak to your target audience, and focus on those, refining the initiatives as needed,” was the word of advice shared by the communication guru. Adding “there is no success in life if there is no measurement. This will help (you) to determine whether or not you have met your business objective”.
Access to Financing & Technical Support
The Planning Institute of Jamaica (PIOJ), during a recent editorial forum, outlined that despite the financing opportunities provided, micro, small, medium-sized enterprises (MSMEs) “lack the capacity to undertake sound financial management”. Against this background, the JMMB Group and the Development Bank of Jamaica (DBJ) used the occasion to share insight about capacity-building and financing opportunities and guidelines they offer respectively, to assist small businesses to overcome the challenges identified, and open doors to access financing.
Shani Duncan-Falconer, senior corporate manager, JMMB’s SME Resource Centre, introduced the supporting services and expertise available to the budding entrepreneurs, through the recently-launched JMMB SME Resource Centre and JMMB Bank. Duncan-Falconer detailed a range of resources that these entrepreneurs could take advantage of, through the SME Resource Centre, including: financial opportunities, through grant funding; expertise in business plan writing, creation of financial statements; access to other resources, such as the Branson Centre’s online learning platform; and mentoring.
Development Bank of Jamaica representative, Kerry-Ann Parker, also detailed the financing solutions provided by her organization for SMEs, including: technical vouchers, for capacity building services; grants and loans with partial guarantee, to help SMEs to access financing from commercial institutions; and venture funding. Parker also emphasized the need for SMEs to have the necessary documentation in place, open a business account and develop a solid track record, as these play a key role in the assessment process of entrepreneurs, by the DBJ, in offering financing solutions, in collaboration with the various commercial banks, including JMMB Bank.
The JMMB Bank-hosted seminar is in line with the company’s financial inclusion and integrated financial partnership approach. As part of its strategy, the JMMB Group intends to add value to its small business clients through the provision of the financial partnership, resources, innovative financial solutions and a network, throughout these businesses’ life cycles; thereby providing necessary support for the growth in the sector, and filling the gaps that currently exist in the financial sector.
Businessuite News24
JA$2 Billion in Support to Jamaican MSMES
“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.
The Development Bank of Jamaica (DBJ) has been allocated $2 billion in the 2025/26 Estimates of Expenditure to support funding to the micro, small and medium-sized enterprise (MSME) sector.
Minister of Finance and the Public Service, Hon. Fayval Williams, made the disclosure while delivering the opening presentation in the 2025/26 Budget Debate in the House of Representatives on Tuesday (March 11).
“It (the DBJ) will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” she informed.
Mrs. Williams noted the Government’s commitment to the MSME sector, which includes an estimated 422,000 registered small businesses, generating 80 per cent of the jobs in the economy.
Approximately 1,136,240 persons are employed by MSMEs.
The Minister acknowledged that there are several issues facing the sector, including lack of equitable access to financing, high interest rates and cumbersome requirements for opening bank accounts.
“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.
She pledged to work with Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, to reduce the requirements for the entities to open bank accounts.
The Finance Minister noted, further, that Government will be increasing the General Consumption Tax (GCT) exemption for small businesses from $10 million to $15 million.
By: Donique Weston JIS
Businessuite News24
Jamaica Open For High-Value Agricultural Investments – Minister Green
“Now is the time for high-value agricultural investment, right here in Jamaica. Things that we produce in Jamaica are sought after all over the world. As such, we do believe there are significant opportunities now in agro processing,” Mr. Green said.
Businessuite News24
Powering the Future: How Tech and Policy Are Driving Explosive Growth in Energy Storage, Renewables, and EVs
Businessuite Women
Corporate Movements: Margaret Campbell Appointed CEO of GKMS Group; Lee-Anne Bruce Named COO
GraceKennedy Limited (GK) is pleased to announce leadership changes at GraceKennedy Money Services (GKMS) as part of its ongoing succession plan and strategic talent development and deployment.
Effective April 1, 2025, Margaret Campbell will assume the role of Chief Executive Officer (CEO) of the GKMS Group. Campbell, who has worked with GKMS for over 25 years, has served as its Chief Operating Officer (COO) since 2020. She joined GKMS in 1996 and has held several leadership roles during her tenure including, Financial Controller, Chief Financial Officer (CFO), and Country Manager for GKMS Jamaica. A Fellow Certified Chartered Accountant, Campbell also holds an MBA in Finance from the University of Manchester and serves on several GK subsidiary boards. She is also the current President of the Jamaica Money Remitters Association.
Frank James, Group CEO of GraceKennedy, expressed confidence in Campbell’s leadership, stating, “Margaret has demonstrated strong leadership and an unwavering commitment to providing exceptional value and convenience to our customers across Jamaica and the wider Caribbean, in keeping with our vision of being the number one Caribbean brand in the world. I have no doubt she will continue to drive GKMS forward.”
Grace Burnett, CEO of GKFG, added, “Margaret’s industry expertise and strategic approach make her the ideal person to lead GKMS into the future. Her experience and passion for operational excellence will be instrumental as GKFG continues to grow and evolve.” The announcement of Campbell’s appointment comes as Burnett, who has led GKMS since 2019, prepares to retire from GraceKennedy later this year.
Lee-Anne Bruce
Additionally, GraceKennedy has named Lee-Anne Bruce as the new COO of the GKMS Group, also effective April 1, 2025. Bruce holds a bachelor’s degree from the Frank G. Zarb School of Business at Hofstra University and is a Certified Anti-Money Laundering Specialist. With over a decade in senior leadership roles at GK, she has served as Group Chief Compliance Officer, Chief Risk Officer, and most recently, Chief Audit Executive. She began her career at GK in 2003, when she played a key role in GKMS’ expansion into the Eastern Caribbean.
Margaret Campbell, incoming GKMS CEO, welcomed Bruce’s appointment, stating, “Lee-Anne is no stranger to GKMS and her extensive experience and understanding of our business will undoubtedly be invaluable in her new role.”
In light of the leadership changes at GKMS, Judith Chung, Group Chief Compliance Officer & Senior Legal Counsel, will act as Chief Audit Executive of GraceKennedy Limited, while Jason Bailey, Head of Risk, will temporarily assume responsibility for the Compliance portfolio.
Scotiabank Group Jamaica Continues To Perform Well
The LAB’s Strategic Shift: Embracing Content Creation Amidst Evolving Financial Landscape
Jamaica Broilers Group Faces Major Financial Setback as US Operations Struggle; Stephen Levy Resigns
Businessuite 2023 Top 100 Caribbean Companies – US$ Revenue
Jeffrey Hall Is Set To Be One Of The Most Powerful Men In Corporate Jamaica And The Caribbean. So, Who Is He?
Which Company Has The More Sustainable Business Model….Edufocal or ICREATE and Why?
JMMB Group Limited Investor Briefing – November 16, 2023
Jeffrey Hall Is Set To Be One Of The Most Powerful Men In Corporate Jamaica And The Caribbean. So, Who Is He?
A conversation with Marcel Anderson Group Chief Executive Officer and CTO at KYO Group on the disruption they are bringing to International Fast Cargo Transportation from the United States to Jamaica.
-
Businessuite News244 weeks agoPowering the Future: How Tech and Policy Are Driving Explosive Growth in Energy Storage, Renewables, and EVs
-
Businessuite Markets3 weeks agoR.A. Williams Distributors Experienced 8% Decline In GP Margin Due To Lower Margins On Government Sales
-
Businessuite Markets6 days ago
Scotiabank Group Jamaica Continues To Perform Well
-
Businessuite Markets1 week agoListing GraceKennedy Financial Group on the JSE
-
Businessuite Markets6 days ago
Jamaica Broilers Group Faces Major Financial Setback as US Operations Struggle; Stephen Levy Resigns
-
Businessuite Markets4 weeks agoSagicor Group Jamaica Identifying Strategic Growth Opportunities.
-
Businessuite Markets4 weeks agoTropical Battery Company First Quarter FY2025 Profitability Challenged
-
Businessuite Women4 weeks agoCorporate Movements: Margaret Campbell Appointed CEO of GKMS Group; Lee-Anne Bruce Named COO