THE JMMB Group, through its Resource Centre in partnership with the Joan Duncan Foundation, has committed $1 million in funds to be awarded to the top-three small and medium-sized enterprises (SMEs) currently enrolled in its two accelerator programme.

The SMEs are to be selected based on a two-part criteria, consisting of a pitch competition in which participants will have an opportunity to showcase their businesses to a panel of judges along with an assessment of business growth based on a number of key performance indicators set out by the entrepreneur at the start of the programme.

Shani Duncan-Falconer, senior corporate manager of the JMMB Group SME Resource Centre, said that in addition to the training, coaching and network support already provided under the accelerator programme, JMMB wants to invest in these businesses to ensure that they will have funding to further build out the strategic plans that they have formulated and have been executing since the start of the programme.

“We are excited about this pitch component, as these SMEs have another practical way to act on their plans and are one step closer to taking their businesses to another level, as they share their ideas for buy-in, scrutiny and feedback,” Duncan-Falconer said.

“This exercise will auger well in refining the entrepreneurs’ skills as they seek to better position themselves not just to attract credit, but equity and grant funding,” she added.

Fourteen entrepreneurs of the current cohort and with businesses across a wide range of sectors including manufacturing, consulting, professional services, education and distribution are vying to win a share of the prize money.

Duncan-Falconer, providing update on the accelerator programme launched last September, said that over the last year tremendous growth has been seen from its 23-member cohort, especially in the areas of leadership development, capacity-building, revenues and expansion. Through a partnership with the Joan Duncan School of Entrepreneurship, Ethics and Leadership (JDSEEL) at University of Technology, Jamaica (UTech), entrepreneurs have also been given the opportunity to participate in workshops, quarterly coaching sessions, CEO round tables, and bi-monthly workshops on best practices.

“At the end of the programme, we expect that with the skills and knowledge we provide to these entrepreneurs they will be better equipped to operate sustainable businesses and bolster their capacity, so that they can further scale and grow their businesses,” Duncan-Falconer said.

The JMMB Group in its strategic thrust towards the sector has in recent times moved to increase support for SMEs, through added financial partnership, resources, innovative financial solutions and building network with these entities, it has been working to take advantage of gaps existing in the financial sector.

At its last annual general meeting the group announced plans to further support SMEs along their life cycle, with the launch of Vertex SME Holdings — a private equity investment vehicle, executed through its JMMB Securities Limited subsidiary. The investment vehicle will initially raise $1.5 billion which will go towards providing equity funding for high-growth potential, mid-sized companies in Jamaica and the Caribbean.