NCB commits $113-m to Women Business Owners

The National Commercial Bank Jamaica Ltd (NCB) has made available $13 million in sponsorship funding and another $100 million in loan support to developing businesses owned and operated by women in Jamaica through a partnership with the Women Business Owners of Jamaica Ltd (WBO). The three year project is to be funded through NCB's SME Unit.

Through the developmental programme, the WBO will be providing training opportunities to female entrepreneurs to contribute to the growth and sustainability of women-owned small and medium businesses in Jamaica, under its project titled "Strengthening and Promoting Women Entrepreneurs in Jamaica". The over $13 million dollars in support will fund the training session and mentorship programme for the WBO members and attendees over the duration of the project. Approximately $1.6 million of that amount will pay for the training and provide the training material. The project will facilitate 300 women-owned small and medium businesses by improving their business skills and increasing their access to financing through a relationship with NCB.

NCB has therefore also offered $100 million in loan funding through a special loan product dubbed the NCB Women in Business Facility through which women business owners can access loans between $300,000 and $5 million at an annual percentage rate of 14.5 per cent.

"We are pleased to be the financial partner of the WBO's project and congratulate them and the IDB on the shared vision for our nation's future," said Audrey Tugwell Henry, senior general manager, NCB retail banking regarding the initiative.

"The training opportunities that will be provided by this project are directly in line with our business focus to support small and medium businesses. NCB prides itself on being responsive and relevant to our customers' needs. Our business is not only about selling financial services, it's also about growing the financial strength and stability of our customers," Tugwell Henry said.

"We recognise the significant impact that women have on our society, and as more female entrepreneurs emerge in various sectors, we are investing in sustaining the continued financial viability of their businesses," she added.

In response to the sponsorship, WBO president, Dorothea Gordon-Smith thanked NCB and other sponsors for their on-going support. "It is not a small feat to run a business coming through the global economic challenges we have faced, and on the heels of the recent International Women's Day celebrations, we commend NCB on their commitment to the development of enterprises owned and operated by our nation's ," Gordon Smith said.

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