In a push to further diversify its revenue streams, the JMMB Group will be increasing its focus on service delivery to small and medium-sized enterprises (SMEs) segment of the economy, which CEO Keith Duncan said will be key driver of growth.

Duncan, speaking last Wednesday during a virtual investor briefing in which he and JMMB Group executives gave insight to the entity’s nine-month performance, said that the group will be looking to provide a variety of services to that subsector as it also seeks to diversify its revenue streams.

“We look to meet their needs and meet their strategies for growing and creating value,” he said.

“It’s a segment that we believe is critical to Jamaica’s growth and innovation ’cause we would like to see more small and medium[-sized] enterprises grow into large enterprises. In the same way that JMMB was a small enterprise and has grown into a large corporate multinational entity, we would like to support other small and medium[-sized] entities in their growth strategies by offering them financial services across business lines — banking investments, pensions, payments — and ensuring that they have the solutions to grow,” the JMMB Group CEO explained further.

While noting that SMEs provide between 50 per cent and 60 per cent of gross domestic and employ 60 per cent to 80 per cent of the local labour force, Duncan said that JMMB’s diversification strategy will definitely include plans for that segment of the economy. Moreover, he said that instead of each JMMB division working in a silo and targeting clients on its own, the group will employ a “total segment” approach in which it provides “integrated solutions” across all business lines to corporates, SMEs and even micro business operations.

“Definitely, the productive sector is where we want to be and that is where Jamaica is going as we reduce our debt to GDP [gross domestic product] ratios and we see where the debt to GDP is projected to end the year a little under 80 per cent this year and further reduce to 60 per cent,” Duncan explained.

Responding to a Jamaica Observer media inquiry, the company said that for financial year 2021/23, its target is to increase loans disbursements to 20 per cent relative to FY 2021.

In this regard, JMMB has partnered with the Development Bank of Jamaica (DBJ) to provide $600 million in funding mainly to small businesses at a rate of five per cent. In addition, the financial services provider has partnered with the DBJ to assist SMEs with access loan security through the Collateral Enhancement Facility.

The group has also partnered with National Export-Import Bank of Jamaica, IDB Invest, Development Finance Institute Canada to further expand financing solutions for SMEs.

Aside from the services it provides to the general populace, JMMB also offers business planning, financial advice and personalised solutions to assist your SMEs in growing and expanding through the JMMB SME Resource Centre.

“The JMMB SME Unit partners with our SMEs, journeying with them through their stages of development. Through the partnership, we provide solutions based on where they are in their life cycle in order to satisfy their needs,” the e-mailed response outlined.

Over the last three years, JMMB’s SME Resource Centre has referred over 420 clients to capacity development organisations and other partners, it added.

— Josimar Scott