NATIONAL Commercial Bank (NCB) Jamaica Ltd says it is providing grant funding of up to $10 million to staff members affected by the bank’s major redundancy exercise last month through what it has titled a Post Redundancy Entrepreneurship Programme (PREP).

Effective April 12, each successful applicant will receive a $250,000 grant towards the start up of a viable business venture intended to secure the applicants’ financial independence. The offer will close on June 30.

“We consider the PREP to be an excellent means by which we can enrich the lives of our former employees, while positively impacting the SME sector through the deployment of well-trained and talented business operators backed by the country’s largest financial institution, NCB,” stated Patrick Hylton, group managing director, NCB.

The bank said that since the March 5 separation activity, it has provided affected staff with free consultation sessions facilitated by qualified and experienced psychologists, outplacement services, resumé preparation and posting and links to career search and placement engines, mock interview sessions and individual discussions with HR personnel to aid the process of transition.

The bank, which recently won the coveted Jamaica Employers’ Federation Employer of Choice Award, took its outreach plan a step further by hosting an entrepreneurship workshop for the former employees following the restructuring exercise.

“The workshop was geared towards disseminating information and practical tips on starting a viable business in a tough economy, which will no doubt generate increased momentum when the budding SMEs gain access to the anticipated cash injection,” NCB said.

“Redundancy is traditionally seen as a negative activity; primarily because it is not planned for by the affected staff,” said Rickert Allen, NCB’s senior general manager – group human resources. “However, viewed with an open mind, redundancy can present a world of opportunities that may not have otherwise been explored. For those former employees who meet the basic requirements to access the funds and possess the stick-to-it-iveness and tenacity required to be a successful business owner, NCB will help to make your dreams of becoming your own boss happen for you.”