Motivation Behind… Funding Opportunities
Jamaica National is leading the way for Caribbean crowdfunding with their IsupportJamaica platform. B Inspired sat down with Jason McNeish, Team Leader for the platform’s development and launch, to find out more. B Inspired: Tell me about JNBS’s involvement in developing the ISupportJamaica platform. Jason: ISupportJamaica is an initiative of the Jamaica National Building Society and the JN Small Business Loans Limited. Launched in 2013, the platform was conceptualized as a solution to allow small businesses and non-profits to identify non-traditional funding options for the growth and success of their ventures.
B Inspired: Why was the idea of a crowdfunding platform catering specifically to Jamaicans appealing? Jason: Access to capital has been a common obstacle for many aspiring entrepreneurs and social project owners. In recognizing the potential impact of many of these businesses on Jamaica’s socio-economic development, ISupportJamaica was created to serve this need. Offering non-traditional lending options, this platform allows project owners and entrepreneurs on the site to benefit from donations from registered users both locally and globally. B Inspired: Many Jamaican entrepreneurs find it difficult to get loans or start-up capital for their small businesses. Why is that and how do you think this platform will change things for them? Jason: There are many factors that can contribute to an entrepreneur’s inability to secure financing through traditional sources; two of which are the inherent perceived risk of the venture and lack of adequate collateral. Through ISupportJamaica, persons who are seeking financial assistance for their respective ventures are remotely connected to interested donors in a workable and transparent environment that facilitates convenient payment options, via PayPal, direct deposit across the JN branch network and JN Live online banking portal. B Inspired: Why should entrepreneurs choose ISupportJamaica?
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