The quality of pitches in the final round of the inaugural staging of the JN Small Business Loans (JNSBL) Start-up Kickstart competition last year led the microfinance company to stage a second competition in 2020, explains Thelma Yong, deputy general manager, JN Small Business Loans.

JNSBL Start-Up Kickstart competition is a social media-promoted initiative for start-up businesses to receive funding for their operations.

The second staging of the competition began on January 1, when applicants were invited to submit their business ideas for a start-up venture with a chance to win $250,000. Businesses operating less than six months were also welcomed to participate, with all submissions accepted up to January 14.

“At last year’s finals the pitches made by Marcus Sewell, Ava Gay Lewis and Kimone Knight were impressive, with many ideas supported by well-crafted business plans. We thought that these businesses could become successful with the right mentorship – and we opted to guide them accordingly,” Yong related.

“Consequently, we decided that we would support more up-and-coming entrepreneurs by mounting another edition of this competition,” Mrs Yong explained, noting that, “We are aware that many start-ups struggle to navigate the initial phase of business development hence, this competition is seeking to stimulate structured start-up initiatives as one way to assist entrepreneurs to get their business started and funded.”

This year saw more than 1,000 entries via social media, surpassing last year.

“This year we have exceeded the number of entries by a significant margin,” Yong said. “Last year we had 100 entries at the close of the first phase. However, this year we received more than 400.”