Earl Jarrett, General Manager of Jamaica National Building Society, addresses the Small Business Association of Jamaica (SBAJ) first Brunch ‘N Talk meeting at the Knutsford Court Hotel, in Kingston on Sunday. He proposed that the SBAJ adopt its own community currency to promote trade among its members. (Photo: contributed)

Small businesses should seek to boost trade through the creation of “community currency”, says Jamaica National Building Society (JNBS) general manager, Earl Jarrett.

A community currency is a formalised barter system intended to boost trade within a particular area.

Jarrett said members of the Caribbean Diaspora in the United Kingdom (UK) had already adopted the concept through the use of the ‘Black Pound’.

“The Black Pound is intended to keep the pound within the black community by using goods and services within the community,” Jarrett said in an address to the Small Business Association of Jamaica (SBAJ)’s first Brunch ‘N Talk meeting held at the Knutsford Court Hotel, in Kingston on Sunday.

Using successful networking models used by other communities in the UK, the Black Pound initiative aims to encourage Black consumers to support businesses within their own neighbourhoods.

For instance, a Caribbean restaurant will use the currency to employ the services of a property maintenance company as well as a Caribbean food supplier, which both in turn use the local laundry and the entire group can support their resident real estate agent.

“In a similar manner, you can circulate goods and services within your community,” Jarrett suggested to the SBAJ meeting. “I encourage you to support your own, by developing your own SBAJ pound.”

The audience of SBAJ members as well as members of the wider public applauded the suggestion as Jarrett added that, “This will serve to strengthen your community.”

Such networking models are in use around the world and are known to boost financial activity within the participating communities and contribute to strengthening their economies.