Fresh Magazine 2015 - The Smallbiz issue

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January-February, 2015

20 Pages

On January 21, 2015, the Development Bank of Jamaica (DBJ) formally launched the Jamaica MSME Finance Directory which is designed to provide a comprehensive list of funding opportunities for micro, small and medium-sized businesses, including grants, loans and venture capital. Visit their site at: findmsmefinancing.com.jm

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It’s that time of year again…..time to do something special for the loved ones in your life…...time for some random acts of love and romantic gestures that will not only make someone’s day, but put you in touch with your better self. It’s Valentine’s! The season of love and chocolates. And flowers. And scented candles. And all the romantic gifts and gestures you can think of. Let us help you save time and money with these great, inexpensive gift ideas you can buy or make for your loved ones. Enjoy!

Get in the mood for love with scented candles in every room

Inexpensive Valentine’s Day Gift Ideas

You can’t go wrong with books on romance; a playlist of love songs; romantic movies on DVDs. Etc.

If you do nothing else in celebration of Valentine’s Day, be sure to indulge your chocolate dreams. From individuallywrapped, bite-sized pieces of popular brands such as Snickers, Milky-Way and ThreeMusketeers, etc. to exotic bars and boxes of delicious, creamfilled chocolate, make Valentine’s Day 2015 special for you and your loved one.

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SAVVY Shopping Great Opportunities for Small Businesses

A New Year presents many new opportunities for individuals to give themselves a chance to “do over” and indeed, to “do better” than they did the previous year.

And in these challenging economic times, one of the things which most of us resolve to do each new year, is to increase our income.

And what better way to do this than to

create a new income stream, start a whole new business or expand an existing one.

For those who need to borrow money to capitalize a new venture or working capital to expand an existing one, there are many attractive loan products from both traditional and nontraditional financial institutions vying for their patronage.

In this first edition of Fresh! Magazine

for the new year, we present our main feature: “2015 MSME Biz Opportunities” in which we take a look at some new and exciting developments occurring in the financial sector, the confluence of events that make now an opportune time to do business, and the resultant hopes and expectations for Jamaica’s economic future.

We also look at developments at the DBJ, which is mandated to foster economic growth and development of strategic sectors of the Jamaican economy.

. . . Is YOUR

magazine of Fresh Ideas!

Find what you need to:  Get great value for your money  Create new income streams Improve your life Achieve your goals Succeed in your endeavors.

Email your comments, questions, ideas and suggestions to: <marketfresh.magaz ine@gmail.com>

Editor: - Carmen Richards

Email feedback to: The Editor: <marketfresh.magazine@gmail.com>

Want to shamelessly plug your business?

Reach over 45,000 Jamaicans in the Diaspora!

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DBJ Launches MSME Finance Directory The launch of the “MSME Finance Directory” by the Development Bank of Jamaica (DBJ) at the start of 2015, marked an important milestone in the development of the small business sector and, by extension, Jamaica’s economic future.

On January 21, the DBJ formally introduced its latest project to advance the interests of the business sector and the Jamaican economy when it launched the MSME Finance Directory website.

According to the DBJ, “Jamaica's MSME Finance Directory provides a comprehensive list of funding opportunities for micro, small and medium-sized businesses that are seeking financing opportunities to make their entrepreneurial ideas a reality.”

The directory is situated at: findmsmefinancing.com.jm and it lists a range of financing options such as: loans, grants, venture capi-

equity financing.

The site is highly user-friendly and an invaluable tool for both lenders and borrowers seeking to identify business opportunities. Users are asked to input certain keywords into the search engine to indicate the type of financing in which they are interested. The result of the search provides the user with information on the financing options and also shows them how to access the relevant institutions which provide the financing.

Financial institutions, venture capitalists, angel investors and other reputable lenders also have the opportunity to upload information about their financial products on the site.

Potential borrowers are able to access additional information on funding opportunities by using the contact information attached to the offers. There is no charge to access the information at findmsmefinancing.com.jm.

DBJ Definitions of Micro, Small and Medium-sized Businesses

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JAMFIN positions for longevity

At the same time, many MSMElenders, with heightened self-interest and awareness that borrowers, aided and abetted by the Consumer Affairs Commission, are becoming increasing-

The rapid growth of the local financial sector

ly informed and educated about the options

over the last 10 years with the entrance of many

available to them and their rights under existing

new, small and micro-lenders, have been both

laws and the promise of imminent legislation

boon and bane for consumers. Many consum-

and regulation, have recognized the importance

ers who do not qualify for loans from traditional

of self-regulation to their longevity.

financial institutions, find the micro lenders to be

The Jamaica Association of Micro Financing

a haven, giving them the fillip they need to real-

Limited (JAMFIN) is one such group of MSME-

ize their economic goals for themselves and

lenders.

their families.

This 12-member group of micro-financiers

However, the comparative ease with which

seek to differentiate themselves from other play-

loans are available from micro-lenders, vis-a-vis

ers in the sector by self-regulating, adhering to a

traditional lenders, contain within it the potential

Code of Conduct and operational standards de-

to create problems for borrowers who, wittingly

signed to engender a high level of confidence

or unwittingly, can and often do over-extend

within potential borrowers.

themselves; as well as problems for the sector

JAMFIN, with offices located at Connolley

as borrowers weave a trail of bad credit through

Avenue in Kingston 4, was established in 2011

multi-borrowing and failure to repay.

as a not-for-profit company.

Borrowing from the proverbial Peter to pay

The founding members of this micro-finance

the proverbial Paul as borrowers scramble to

association have proven track records extend-

live up to burdensome repayment agreements,

ing over two decades, offering both personal

is a real problem within the micro-lending sec-

and micro-business loans. Their net-

tor, thus exacerbating the already worrying

work combined spans the entire island with 27

problem of a lack of transparency afflicting the

branches and a staff complement of over two

microfinance industry.

220 persons.

Since the global financial and economic melt-

JAMFINâ&#x20AC;&#x2122;s members are private sector regis-

down, circa 2007, new legislation and other

tered companies with an annual turnover in the

plans designed to further safeguard the local

region of J$3Billion. JAMFINâ&#x20AC;&#x2122;s membership ex-

financial sector for the benefit of all stake-

tends to related micro enterprise organizations

holders, have been actively pursued.

that provide a range of services to the sector.

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The Development Bank of Jamaica Limited (DBJ) is a corporation that is wholly owned by the Government of Jamaica and is mandated to foster economic growth and development of strategic sectors of the Jamaican economy. It was created in April 2000, from the merger of the Agricultural Credit Bank of Jamaica Limited and the National Development Bank of Jamaica Limited. The operations, assets and liabilities of the National Investment Bank of Jamaica (NIBJ) were further amalgamated with the DBJ on September 1, 2006.

Development Bank of Jamaica Limited Lines of Credit - Interest Rates and Terms (Effective July 2014) J$ LOANS

RATES TO SUB- MAXIMUM LOAN MAXIMUM TENBORROWER PER ENTITY OR OR GROUP

MAXIMUM MORATORIUM

DBJ Regular

10.00%

J$100 million

Up to 8 y ears

Up to 2 years

DBJâ&#x20AC;&#x201D;SME

10.00%

J$30 million

Up to 7 y ears

Up to 1year

National Insurance Fund (NIF) - SME

10.00%

J$15 million

Up to 7 y ears

Up to 1 year

CDB Small Agricultural Entrepreneurs

9.50%

J$8.4 million

Up to 7 y ears

Up to 2 years

DBJ - SME Energy

9.50%

J$30 million

Up to 7 y ears

Up to 1 year

World Bank Energy (J$)

9.50%

J$30 million

Up to 7 y ears

Up to 1 year

DBJ Residential Energy

9.50%

J$2 million

Up to 8 y ears

DBJ/Petrocaribe - (US$)

7.25%

US$3 million

Up to 7 y ears

Up to 1 year

DBJ/Petrocaribe - US$ ICT/ BPO Direct

4.50%

US$5 million

Up to 12 y ears

Up to 18 months

World Bank Energy - US$

5.75%

US$340,000

Up to 10 y ears

Up to 1 year

DBJ Regular - US$

9.00%

J$500 million

Up to 7 y ears

Up to 1 year

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Jamaican-Caribbean Cuisine...Jamaican-Caribbean Cuisine

Street Food Specialty The amazing Pan Chicken

Pan chicken is a quintessential Jamaican street food, found in every major town and city street, especially on weekends and outside popular entertainment events virtually at any time of day or night.

This favourite Jamaican street food began its rise to popularity along with the street dance culture that began in the 1960s.

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It grew right along with the evolution of Jamaican indigenous popular music, beginning with rock steady, ska and later reggae and dancehall.

These street dances would include a variety of elements that were a necessity - good friends, good music and good food.

The specially seasoned, usually jerk-spiced chicken is slowcooked in recycled oil drums turned into makeshift barbecues.

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Why ENTREPRENEURS are so HAPPY Fresh Magazine

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CONSUMER

FYI

10 Timeless Money Mantras to live by

Your RECEIPT is your Consumer Right

Your receipt is your best proof of ownership of goods or services purchased. It is also your best proof of purchase in the event you need to make a claim against an item that fails to live up to the purpose for which it was intended.

While there are other ways of proving that an item was bought by you, such as bank and/or credit/ debit card slips and cheque stubs, your receipt remains the most immediate means for confirming that

a purchase was made for the good (s) in question.

However, for your receipt to be valid and of value to your proof of ownership claim, it must have the following information:Name of store; Address and correct branch of store; Brief description of item; Quantity of goods purchased; Date of purchase.

1. Live beneath your means 2. If its on your ass, its not an asset 3. Before you spend, ask yourself if you really need it or merely want it 4. Do sweat the small stuff, because they add up 5. Remember that cash is better than credit 6. Pay yourself first 7. Let money work for you 8. Plan your way to wealth 9. Work your wealth plan 10. Visualize your success Fresh Magazine

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Health & Wellness What’s on YOUR Bucket List?

Now is as good a

lease of the 2007

time as any to be talking about bucket lists.

We’re close enough to the start of the new year to still believe in our Resolutions. Only, a Bucket List is way better.

movie of the same name, ‘The Bucket List’, it became popular in the lexicon. , ‘The Bucket List’ starred the inimitable Morgan Freeman and Jack Nicholson.

Because you don’t have to achieve everything on your list within a single year and, in fact, you have the rest of your life, not only to experience everything on your list, but also to add,

It refers to a wish list of personal/ experiential things to do before you “kick the bucket”, that is, die.

But the good news is that you don’t have to wait until you’ve

subtract and otherwise adjust your list through the years.

The term ‘bucket list’ is not a common one to us here in Jamaica. However, in the wake of the re-

been diagnosed with a terminal illness (like the characters in the movie did) before writing your own bucket list and setting off to experience the things on your list.

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Bungee-jumping is a popular once-in-a-lifetime activity for the brave-at-heart.

Why should I write a bucket list, you ask?

Well, the easy and quick response is ‘why not’?

Just on the surface of it, think of the fun of setting yourself some goals that don’t appear to have anything to do with career advancement, job search, educational achievement, economic improvement, and so on. However, on closer examination, it could be the best thing you ever did for yourself and your family.

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Journey to the Blue -Mountain…..is one of the main, annual activities of many local youth groups. But outside of youth clubs, there are also adult social service clubs that have a trek to the Blue Mountains as a ’must do’ activity. Put this on your Bucket List.

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. . CONSUMER NEWS. . . CONSUMER NEWS . . . CONSUMER NEWS. .

Consumer Affairs Commission launches SMS Alert service Months after the Consumer Affairs Commission (CAC) launched its free SMS Notification and Alert service, many consumers are still unaware that the service exists.

The CAC website states that its SMS Notification and Alert service is aimed at providing important news to consumers on issues relating to food and product recalls; as well as general consumer alerts on their mobile phones.

Mrs. Dolsie Allen, Chief Executive Officer of of the CAC, said the service is part of the Commission’s “Pass It On” campaign under which a large cross-section of consumers will be able to access consumer news in real time.

“When defective products or unsafe foods are found to be in the marketplace, the Commission needs to communicate this information to consumers so they can make informed decisions that will not be a detriment to their health”, Mrs. Allen said. Consumers desirous of utilising the service may register at the CAC’s website cac.gov.jm where the option is given to select the types of alert preferred. Consumers may also send the SMS message “Sign me up” to 3225433 to be registered.

Whole grains linked with reduced risk of premature death Higher levels of whole grain consumption have been linked with a reduced risk of death from all causes and from cardiovascular disease in particular. Researchers from Harvard University have reported a link between whole grain consumption and risk of mortality. The study, published in the Journal of the American Medical Association (AMA) Internal Fresh Magazine

More bad publicity for Samsung Samsung’s so-called “Smart TVs” are under fire again, this time with reports that they can interrupt your viewing at any time with intrusive ads that you can’t control.

The latest round of bad publicity follows only days after reports that the voice recognition function of Samsung smart TVs is capable of recording parts of your personal conversations and transmitting them to a third party.

Criticism of the South Korean electronics company’s smart TVs was sparked by a Pepsi advertisement that reportedly popped up onscreen as users in Australia streamed video via Plex software and Foxtel Play.

Samsung admitted the error and fixed the problem.

Medicine, involved more than 110,000 members of two large long-term US studies, which started in the mid-1980s. And the good news is that the amount of whole grain needed for a noticeable benefit was only 28 grams per day, equivalent

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to a small bowl of porridge.

Other common sources of whole grain are brown rice, wholemeal bread, and quinoa.

Bran intake, rather than the germ of the grain, appeared to provide the greatest effect.

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