The members of the Jamaica Manufacturers’ Association (JMA) through a partnership with the National Commercial Bank (NCB) are to benefit from an exclusive business solution designed to comprehensively meet their financial needs. The partnership was unveiled at the JMA’s Duke Street Office on July 12, 2016.
In speaking at the event, Claudette Rodriguez, Asst. General Manager of Treasury and Correspondent Banking and Payment Services at NCB noted that the four-pronged business solution reiterates the Bank’s dedication to delivering products and services to aid in maximising SMEs’ growth and development.
“Included in the business solution package is a payment solution through the co-branded business credit card, JMA NCB Business Edge; collection solutions with POS terminals and eCommerce assistance; access to special loans/investment accounts and Insurance options.” Ms. Rodriquez further stated that “these opportunities come with reduced fees, waived service charges, discounts and access to free services.
Coupled with this, the members of the JMA will additionally have access to pension fund management services, joint marketing and promotions, training and development opportunities as well as product development support.
JMA’s president Metry Seaga in noting the importance of the JMA/NCB full suite of financial solutions to further support the capacity of the productive sector stated that: “the diversification of financial modalities created through the partnership provides a unique opportunity for our members to increase their competiveness particularly our Micro and Small Enterprise Membership and allows the JMA to further address a longstanding hindrance to the sector.” Mr. Seaga also noted that “the loan facility is a further demonstration to the JMA’s commitment to collaboration and partnerships so that the manufacturing sector can fully realise its productive potential.”
Mr. Seaga went on to add that a robust manufacturing sector is integral to building a better Jamaica, underscored by its continued contribution to development. “Manufacturing contributes J$24.2 billion per year in taxes or 12.9 per cent to the overall government tax revenue, even greater than retail trade, construction, agriculture and bauxite /mining. The sector in 2015 also expanded by 3.1 per cent, contributed 8.6 per cent to GDP and increased employment to approximately 73,000 individuals.”
Senior General Manager of Treasury and Correspondent Banking and Payment Services at NCB, Septimus Blake advanced the mutual benefits of the partnership. “Markedly, this strategic solution is set to be one of mutual benefit. It affords NCB an invaluable opportunity to provide strong and stable financial support to a world class entity, as well as it allows for the maximisation of the likelihood of business growth for the JMA and its network of members.”
He continued: “As the nation’s bank, NCB seized the opportunity to partner with and support the JMA in its pursuit to develop and expand the productive sector because we acknowledge the importance of supporting our local manufacturers. SMEs share an intrinsic link to the promotion of brand Jamaica, as well as the growth and sustainability of the Jamaican economy.”
The JMA first partnered with the bank in 2004 for the national Buy Jamaican, Build Jamaica campaign. This year, NCB renewed its commitment to the initiative with the signing of a Memorandum of Understanding signalling its support at a value of $12M towards promoting the education, production and consumption of all things Jamaican.
Executive Director of the JMA, Mrs. Imega Breese McNab commented that: “in addition to financial solutions, MSMEs require both marketing and retail support services. Through this initiative and the Buy Jamaican campaign, our members are now more equipped to increase efficiency, productivity and ultimately improve Jamaica’s growth potential.