Branson Centre to give informal entrepreneurs access to funding
ROSE HALL, St James — PRESIDENT of the Montego Bay Chamber of Commerce and Industry (MBCCI) Patrick Casserly is rueing the difficulties aspiring entrepreneurs in Jamaica face accessing loans for start-ups.
“People who don’t have the traditional contacts don’t have access to funding agencies. Accessibility is one of the real issues in Jamaica,” said Casserly.
That deficiency, the MBCCI head said, was one reason the Richard Branson Centre of Entrepreneurship — launched Friday evening at the Hilton Hotel in this resort city — was established.
Speaking with journalists at the launch, Casserly, who is also interim chairman of the centre, said part of the organisation’s mandate will be to provide access to loans.
“One of the things that we are going to do is provide the access. Not only will we be funding for ourselves through our evergreen funds, but we will also be bringing someone to say ‘Scotia, NCB here is a project that we have seen and vetted. We have gone through all the process and we support it’,” Casserly said.
“There are some people who pick up the phone and have immediate access, but there are some informal entrepreneurs who simply cannot pick up the phone and have access … accessibility is our major downfall in the Caribbean and we are going to change that. We are going to change it!” he said emphatically.
The Branson Centre, which will have its headquarters in Montego Bay, will open satellite offices throughout the Caribbean to cater to aspiring entrepreneurs. It will provide, among other things, tutelage and financial support for persons with prospective business ventures.
“By providing practical business skills and access to coaches and financing opportunities, it will support the development of small and growing businesses and job creation in the Caribbean,” said Amanda Wills, managing director of British-based tour company Virgin Holidays, which is financing the centre at a cost of £2 million over the next 10 years.
“The centre also shows our commitment to the long-term sustainability of one of our most important destinations, and our support of the Caribbean’s primary industry — tourism,” she added.
