In an effort to assist struggling small and medium-sized enterprises (SMEs) impacted by the novel coronavirus pandemic, Sure Profits Academy Company Limited and E-Loan Micro Financing Limited have launched a $60-million giveaway.

Designed to provide sustainable development assistance, the Building Up Small and Medium-sized Enterprises (BUSME) Giveaway offers business owners $60 million in capacity-building assistance and access to finance.

The winner will receive $1.5 million in technical assistance from Sure Profits Academy for a year, 10 second-placed finishers will each receive six months business coaching valued at $500,000 and a business assessment, and 10 third-placed finishers will each receive three months business coaching, as well as marketing road maps for their companies.

Sure Profits Academy president and CEO Courtney Lodge told the Jamaica Observer that the first 1,000 SME applicants will receive at least $50,000 in financial and business management advice from the consultation firm.

“I’m a former general manager of microfinance at the [Development Bank of Jamaica] and I saw a serious gap in the market. Whilst we were providing money to small business owners through microfinance institutions, many of these owners did not have the capacity to manage their businesses well,” Lodge said.

“A dollar saved is a dollar earned, so when we give someone $1.5 million in coaching that’s $1.5 million that they have saved and that they did not have to go and spend with other coaches or even with me,” he continued.

According to Lodge, Sure Profits Academy will provide training in five main how-to areas — generating more leads, increasing consumer conversion rates, compelling more frequent transactions, commanding higher prices, and generating greater profits.

He added that participants will also be able to access capacity-building sessions with international business coaches.

Additionally, through the giveaway, winners will receive $60 million in preapproved loans and a line of credit from E-Loan Micro Financing.

CEO of the microlender Denisher Forbes further indicated that, from now until December, customers will receive a one per cent cashback cheque on their loans.

“… Even though we are focusing on businesses owners we did not leave anyone out because once an individual or business walks into our company and process a loan, we will give them a one per cent cashback to go and support another entrepreneur from the BUSME promotion,” she shared, noting that this will further drive patronage to SMEs.

E-Loan Micro Financing provides a loan minimum of $5,000, personal loans of up to $1.5 million, and up to $2.5 million for business loans.

Forbes told the Business Observer that, after receiving development advice and coaching from Sure Profits Academy, her business has achieved “exponential growth”.

“What entrepreneurs need most time is not resources but resourcefulness. I believe that, if they are taught the correct processes and principals of business and strategies to move their businesses from one level to the next, that would be a bigger gift and a greater justice to them rather than giving them cash,” she contended.

Lodge added that the third-place draw is scheduled for November 16, the second place on November 23, and the first place on November 30. He said, too, that training will commence as soon as participants are chosen at the draws. Interested SMEs can apply at www.tinyurl.com/busmeraffle.