Churches Co-operative Credit Union (CCCU) has signed a Memorandum of Understanding (MOU) with community development organization Agency for Inner-city Renewal (AIR) in a bid to facilitate growth among businesses based in the inner cities of Jamaica, the company announced yesterday.

“We recognise that Jamaicans across varied social classes, communities, skills and educational levels, have an innate entrepreneurial spirit,” said CCCU CEO Basil Naar in a press release.

“We reject the stigma attached to up and coming entrepreneurs from impoverished areas as we strongly believe that all Jamaicans, regardless of their socio-economic backgrounds, should have the opportunity to pursue their business aspirations,” he added.

The partnership, which will primarily benefit residents of Trench Town, Arnet Gardens and surrounding neighbourhoods, seeks to conceptualizse and implement a replicable model for micro-business finance that will drive the development of productive enterprises. Under the agreement, Churches will provide micro-finance advisory services, develop a group lending policy, establish a pay day loan scheme, as well as offer institutional resources for community development and micro-credit financing. AIR’s outlined responsibilities include collaborating with CCCU to develop and deploy its micro-business finance strategy, and provide intermediaries to promote CCCU’s products.

The Global Entrepreneurship Monitor (GEM), a research-based program that measures national entrepreneurial activity worldwide has noted Jamaicans’ penchant for establishing small businesses. According to the GEM 2009 Global Report, Jamaica ranked 3rd amongst 54 countries examined, for the highest levels of early stage entrepreneurial initiatives. Unfortunately however, the country is reported to have one of the lowest expectations for business growth.

Photo: Churches Signing

Churches Credit Union (CCCU) CEO Basil Naar (right) signs the Memorandum of Understanding (MOU) between CCCU and the Agency for Inner-city Renewal (AIR) as Henley Morgan, Chairman of A.I.R looks on with delight. The partnership will primarily benefit residents of Trench Town, Arnette Gardens and surrounding neighbourhoods as it seeks to replicate a micro-business finance model already underway in Trench Town. This alliance hopes to drive entrepreneurship through the development of productive enterprises.