Our Place - FHC Newsletter - Volume 2, Issue 1

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Volume 1, Issue 1

We held our annual Blast Off in February and it was truly one to remember!

On April 24, 2019, we awarded 3 hardworking entrepreneurs who are going places!

Getting ready to buy a home. See what you need to know, and learn about our MATCH IT Home Loan?

FHC is officially a member of the Rotary Club of Jamaica’s East Kingston Chapter!

FHC CEO, Roxann Linton Blast Off 2019

See our upcoming events & learn about our OWN IT Motor Vehicle Loan, CUNA’s FIP Plans, and more

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FHC BLAST OFF 2019 On an annual basis, the FHC team comes together for a mass meeting to start the year off right! This highenergy meeting is meant to energise the team members and help to set the pace for the year ahead.

Following the theme ‘REV UP’ for the 2018 staging, the theme ‘FEELING THE JOY, BE THE MAGIC’ was introduced for the Blast Off staging held on Thursday, February 7, 2019 at the Spanish Court Hotel. The team got creative with the introductory production being dubbed FHC Airways, where the Pilot, aptly played by our CEO, Ms. Roxann Linton, made a grand entrance and later delivered her message relating to the journey to D.O.H.A.—a mystical land Land powered by Determination, Opportunities, Happiness and Attitude & Action.

Ms. Linton further encouraged team members to move forward in a spirit of gratitude and joy, ensuring that positivity is at the forefront, and moreover, Members then feel valued and comfortable while they do business with the Credit Union.

The event was hosted by Jenny Jenny, with a guest performance by Niketa Steer. A number of team members were also recipients of awards, with one team member—Mr. Christopher Clarke—receiving the CEO’s Award for outstanding performance. The event came to a close with finals of our interdepartmental quiz competition, where the Operations & Share Services 3 Department came out as victors.

Fhc Foundation’s Annual Entrepreneur Awards

The FHC Executives and specially invited guests gathered on Wednesday, April 24, 2019 as we hosted our 13th Annual Entrepreneur Awards.

Awardees take a photo with specially invited officials

For the 2019 staging, we decided to award three candidates who pitched for the award.

The presentation was made in the form of grants, valued at $300,000 each with he recipients being Andre Wynter of JA Films (producers of the hit Jamaican TV series “Real Friends”); Devorue Junior of juice company Real Cane; and Shani Bennett and Kevonne Martin of online research service Queritel.

CEO, Ms. Roxann Linton, said the company is deepening its focus in making credit access easier to the Micro and Small Enterprise Sector. “We have a great ecosystem, comprised of knowledgeable, passionate professionals and when we collaborate, great things happen for this engine of growth that we know exist in the SME sector,” she said.

This was followed by the announcement of a raise in the amount being granted to awardees moving forward; from $300,000 to $500,000.

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Honourable Floyd Green, MP delivering his message as Guest Speaker.

The Honourable Floyd Green, Minister of State in the Ministry of Industry, Commerce, Agriculture and Fisheries (MICAF), who delivered the keynote address commended FHC for its long history of supporting small and medium enterprises.

“I suspect it originated from your social ethos and the early recognition of the need to build communities,” he said The Minister also stated that several initiatives designed to provide greater access to capital for micro and small entrepreneurs are set to come on stream. He said the Government is working to introduce a Micro Stock Exchange as a complement to the existing Main and Junior Exchanges.

FHC Executive members converse with two of the Awardees prior to the beginning of the event.

CEO of JBDC, Valerie Viera, brings greetings, endorsing FHC’s efforts to assist Entrepreneurs

Specially invited guests share a light moment with past Entrepreneur Award Winner, Javin Williams — CEO of Herboo Botanicals

JBDC Chief Executive Officer, Valerie Veira pointed out that support services [such as FHCCU’s pairing of business mentors with its awardees], including business counsel and mentorship, are as important in the entrepreneurial development process as funding.

Herboo, a Jamaican owned cosmetic and personal care brand, provided a stirring testimonial from Founder and CEO Javin Williams, a 2013 FHCCU awardee and winner of the National Business Model Competition (and international Business Model finalist).

Social entrepreneurship research specialist, Dr. K’adamawe K’nife pointed to the value of the award process as a “signal” to other financing organisations. “Once you have gone through this process and been successful, it’s a signal to other organisations that you have the structure that is ready for further support….so the signalling is actually worth about $300 million.”

“FHC really helped us a lot,” he recalled, “specifically by allowing us to upgrade our packaging and labels.

When we started out, we were using crack-and-peel labels. The FHCCU award helped us become marketready.”

Since 2006, when FHCCU instituted its Entrepreneur Awards, some 28 grants have been awarded to tertiary students and graduates with exceptional business plans and ideas.

Dr. K’nife brings greetings as he speaks passionately about the current state of affairs in relation to opportunities for Entrepreneurs.

In addition to the grant awards, FHCCU offers secured as well as unsecured business loans to individuals who qualify, with groups of up to seven persons also eligible to apply for micro and small business loans.

Linton, also referenced the strong relationships the credit union has with industry stakeholders, academia and its growing relationship with the Jamaica Business Development Corporation (JBDC), an arm of MICAF. 5

UTECH ‘BIZ AD’ 24TH ANNUAL STUDENT SEMINAR Wednesday, March 27, 2019 witnessed the staging of the 24th Annual Students' Conference staged by UTECH's College of Business Management & School of Business Administration under the theme, 'Sustaining Competitive Advantage Through Human Capital Development'.

Our CEO, Ms. Roxann Linton, delivered an inspiring message speaking about finding one's purpose and ultimately being purpose-driven in life as we secure the right mindset and nurture relationships with our Source, Self and Others.

FHC CEO, Ms. Roxann Linton, shares a message of encouragement and refocusing with Accounting students of UTECH’s 24th Annual Business Administration Student Seminar

The message was shared particularly with the Accounting students and was well received by them as students approached her afterward sharing their thoughts and gratitude in relation to the presentation.

We wish to congratulate them on a successful execution of this elite event, held at the Jamaica Conference Center recently.

FHC CEO, Ms. Roxann Linton pauses for a moment with students who attended the Student Seminar

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What you need to know

The real estate market in Jamaica is currently experiencing unprecedented levels of boom.

The expectation is that the industry will continue to expand in the near future, especially as a result of lowering interest rates and the sweeping changes made to our local tax laws after this year’s budget presentation.

Market conditions are therefore ideal for purchasing real estate. Waiting too long could also be detrimental, as the changes are likely to drive housing prices upwards in the long term.

Buying real estate can be an exciting yet daunting process.

Whether you are purchasing your first home, seeking to upgrade or buy an investment property, there are several considerations to bear in mind, which will help make the process less intimidating.

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The first step when purchasing a home is to work out your budget. In considering your budget, it is important to appreciate that there will be a host of transactional costs over and above the purchase price of the property. These include:

preparation of the Agreement for Sale (usually in the region of $100,000 - $150,000) and to prepare the Letters of Possession upon completion (approximately $10,000 - $20,000) are often shared equally by the Vendor and Purchaser.

Stamp Duty w hich is shared equally between the Vendor and Purchaser and which was recently reduced from 4% of the purchase price of the property to $5,000.

Realtor’s Commission of 5% of the purchase price is charged where the property is sold with the assistance of a licensed real estate agent. This commission is usually paid by the Vendor unless there is an agreement otherwise.

Transfer tax w hich w as recently reduced from 5% to 2% of the purchase price of the property. While this is customarily paid by the Vendor, in the event that the Commissioner of Taxes assesses the value of the property to be greater than the price for which it is being sold, then the excess is usually paid by the Purchaser or shared equally by the Vendor and Purchaser.

Other professional fees are likely to be payable, including the costs of obtaining a Valuator’s Report and a Commissioned Land Surveyor’s Report, both of which will be required to process your mortgage.

Financing Costs w ill be charged by your mortgage provider which may include loan processing fees, commitment, and other fees.

Registration Fees of 0.5% of the purchase price of the property, shared equally by the Vendor and Purchaser.

Insurance on the property as w ell as on the life of the property owners will usually be mandatory and the premium payable will depend on various factors. You have the option of using your own insurance provider, however FHC has negotiated a competitive premium of 0.35% of the Replacement Value of the property.

Legal Fees are usually charged in the range of 2 – 3% of the purchase price of the property, depending on its value. It is customary for the Vendor and Purchaser to pay their own legal costs; however, the legal fees for the 8

If you need assistance in determining your budget and affordability, you may contact your FHC representative who can assist you with this and provide you with a Pre-Approval letter.

The Pre-Approval process will not only enable you to know beforehand your affordability, likely monthly payments, etc, but will also make you a more attractive Purchaser as the Vendor will have the comfort of knowing that you are already prequalified for a mortgage.

An essential consideration when purchasing a home is to choose the right mortgage provider.

This is especially important considering that mortgages are long term loans and therefore your relationship with your mortgage provider will be a long, and hopefully, happy one.

It is therefore wise to look beyond seemingly attractive offers in the short term, and to instead, ensure that you feel comfortable that your chosen financial partner will be reliable, flexible, reachable and have your long term interests at heart. As our ultimate owners/shareholders, you can be assured that FHC is here to serve your best interests.

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M A T C H

I T

H O M E

L O A N

If you require financing to assist you with the purchase of a home, there are several mortgage options available to you at FHC, including our Match It Home Loan for first time home buyers.

Additionally, as a benefit of being a credit union Member, FHC provides Loan Protection Insurance at no additional cost to you up to $400,000. Additional life insurance can be provided, once the normal insurance underwriting steps are completed satisfactorily, which is made more affordable to you through a monthly premium ranging from 0.36% to 0.56% (Joint Coverage) per $1,000 of coverage.

With a premium mortgage interest rate of only 6% p.a. as a key feature of this product, Members seeking an additional amount may utilize the MATCH IT Plus feature which allows access to more funds.

The Match It Home Loan is for the purchase of homes on the Open Market. Both single and joint NHT contributors will be able to approach FHC and receive a loan of $6.5m at an interest rate of 6% per annum. Therefore, someone who approaches FHC with their maximum NHT benefit of $6.5m would then leave the Credit Union with another $6.5m, allowing them to purchase a home for $13m, while co-applicants who receive their benefit of $13m will receive an additional $13m from FHC, thereby allowing them to purchase a home for $26m. It’s time to own your home!

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Fhc - the rotarians FHC CEO invited to share FHC WELCOMED INTO ROTARY CLUB OF JAMAICA Members of FHC Team pause to take a picture with the leaders of the Rotary Club of East Kingston & Port Royal.

(L-R: Mr. Norman Williams – FHCCU Branch Manager, Juven Montague-Anderson – Assistant General Manager – Marketing, Communication & Member Experience, Mrs. Judy Hylton – Assistant Governor, Miss Atasha Bernard – President Elect And Carey Crooks – President)

Mr. Norman Williams being pinned with badge of membership

with rotary club

Following our induction, our CEO has been invited to participate in a number of Rotary-related events. One such event was the lunch of the Downtown Kingston Chapter where Ms. Linton was invited to share with the club members present. It was definitely a great time for fellowship in a united spirit of volunteerism and the desire for a better Jamaica.

FHC CEO, Ms. Roxann Linton shares with the Rotary Club of Downtown Kingston and receives token of appreciation.

Mr. Norman Williams and Governor, Mrs. Judy Hylton, pause to capture the moment of celebration.

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UPCOMING EVENTS

VISIT WWW.FHCCU.COM to view our full product listing!

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FHC Team members gather to pack care packages for feeding programme beneficiaries

Beneficiaries gather for devotions just before lunch is served.

FHC HELPS TO FEED OTHERS FOR EASTER WITH ST. STEPHENS FEEDING PROGRAMME Every Wednesday afternoon, the St. Stephens United Church provides homeless members of our society in surrounding areas with cooked lunch and a beverage. On a yearly basis, the FHC team joins the team at St. Stephens for Easter to assist with the feeding, and to also provide additional care packages to carry these persons for the Easter season. This year was no different.

The team spent an afternoon putting packages together including bun, crackers, sausages, and more. On Wednesday, April 17, the team then headed over to St. Stephens to host a brief devotion with the beneficiaries ahead of lunch.

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Lunch served to beneficiaries by FHC team members

Lunch served to beneficiaries by FHC team members

KINGSTON GARDENS BRANCH NAMED FHC BRANCH OF THE QUARTER! The team here at FHC is a hardworking team, and we definitely are grateful for their dedication and the genuine care that they show to our Members. That said, we believe it is important to show that appreciation.

Having high targets set internally, our Kingston Gardens branch stood as victors as the branch of the first quarter of the year!

GIVE US YOUR FEEDBACK We are absolutely proud of them and wish them well as they press forward in service.

We want to hear from you! To give us your feedback about our service, this publication, or other matters, please visit our branches and submit your feedback using our designated Feedback Box. 15

VOLUME 2, ISSUE 1

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