MICROCAPITAL BRIEF: Jamaica National Small Business Loans Limited (JNSBL) Launches “I Support Jamaica” Website to Fund Microentrepreneurs

Jamaica National Small Business Loans Limited (JNSBL), a microfinance institution established in 2000, in partnership with the Jamaica National (JN) Foundation, a Jamaica-based social development organization, recently announced the launch of “I Support Jamaica,” a fundraising website that provides money for entrepreneurs in the country to start micro- and small businesses [1]. The website allows individuals, charities and philanthropists to browse video profiles of microentrepreneurs and choose a project to support through either loans or donations, although the loan section of the website has not yet been activated. It is unclear whether there is a minimum requirement for loans or whether the website will fund the entrepreneurs directly or through partner organizations. The donations must be made in USD 25 increments.

As an incentive to list on the website, borrowers will receive a rebate on their last loan payment. In a statement attributed to the general manager of JNSBL, Philip Bernard, the website promotes “the development of the micro- and small business sector through access to financial services, and by extension, the Jamaican economy.” The website can be found at: www.isupportjamaica.com.

According to the US-based nonprofit Microfinance Information Exchange (MIX), as of March 2012, JNSBL reported total assets of USD 11 million, a gross loan portfolio of USD 7.4 million, return on equity (ROE) of 14.9 percent and return on assets (ROA) of 6.88 percent.

By Meghan Gillis, Research Associate

About Jamaica National Small Business Loans Limited (JNSBL)

Jamaica National Small Business Loans Limited (JNSBL) is a microfinance institution established in 2000. It has partnerships with the Development Bank of Jamaica (DBJ) and the National Insurance Fund (NIF). According to the US-based nonprofit Microfinance Information Exchange (MIX), as of March 2012, JNSBL reported total assets of USD 11 million, a gross loan portfolio of USD 7.4 million, return on equity (ROE) of 14.9 percent and return on assets (ROA) of 6.88 percent.

Sources and Additional Resources

[1] South Florida Caribbean News: “Jamaica’s First Crowd-Funding Website will Support Micro Businesses,” http://www.sflcn.com/story.php?id=12873

MicroCapital brief, June 17, 2013, “MICROCAPITAL BRIEF: Jamaica’s Ministry of Finance Delays Microfinance Institutions’ Exemptions from Money Lending Act, Blocking Wholesale Funding from Development Bank of Jamaica,” https://www.microcapital.org/microcapital-brief-jamaicas-ministry-of-finance-delays-microfinance-institutions-exemptions-from-money-lending-act-blocking-wholesale-funding-from-development-bank-of-jamaica/

MicroCapital brief, May 15, 2013, “MICROCAPITAL BRIEF: Development Bank of Jamaica Commits $20m to Micro-, Small Businesses,” https://www.microcapital.org/microcapital-brief-development-bank-of-jamaica-commits-2b-to-micro-small-businesses/

MicroCapital brief, March 7, 2013, “MICROCAPITAL BRIEF: Development Bank of Jamaica to Launch Mobile Money Pilot Project in Partnership with Transcel, Alaric, National Commercial Bank,” https://www.microcapital.org/microcapital-brief-development-bank-of-jamaica-to-launch-mobile-money-pilot-project-in-partnership-with-transcel-alaric-national-commercial-bank/

MicroCapital brief, January 29, 2013, “MICROCAPITAL BRIEF: National Commercial Bank, Development Bank of Jamaica Partner to Allow Microborrowers to Access Loan Funds Via Automated Banking Machines,” https://www.microcapital.org/microcapital-brief-national-commercial-bank-development-bank-of-jamaica-partner-to-allow-microborrowers-to-access-loan-funds-via-automatic-banking-machines/

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