KINGSTON, Jamaica – The JN Foundation project, Social Enterprise Boost Initiative, is to receive investment funding of U$1 million (J$100 million) over three years, with the USAID providing the majority of the funds as part of a co-operative agreement between the international agency and JN Foundation. The investment will be used to lay the foundation and create an infrastructure for the ongoing support of local social enterprises, aimed at increasing employment, investment and revenue within communities across Jamaica.
In speaking at the recent launch of SEBI at The Jamaica Pegasus, Denise Herbol, Mission Director of USAID/Jamaica, said the partnership between JN Foundation and USAID was part of the international agency’s Development Grants Programme.
“We must embrace new models of development that tap into the expertise, resources and innovations of a diverse array of organisations across the public, private and non-profit sectors in order to identify the most advantageous solutions to solving local development challenges,” she said.
Ms. Herbol said at the end of the three-year period of the initiative, there is expected to be an increase in the technical capacity of social enterprises, having developed the pre-requisite business skills, knowledge and information to build sustainable organizations; improvement in the business performance of social enterprises, resulting in increased income generation, business growth and reduced reliance on outside funding and donations. In addition, it is expected that SEBI will facilitate socially impactful organisations which contribute to economic and environmental development, as well as growth in Jamaica’s social economy.
Businesses owned by NGOs and community-based organisations, for example – which are directly involved in the production and/or selling of goods and services for income generation and social, and environmental development – stand to be empowered by SEBI.
Also speaking at the launch, Jennifer Sharrier, Project Manager for SEBI said 90 organisations responded to the initiative’s ‘Call for Applications’ to benefit from the business development support which SEBI will be offering social enterprises. The selection process is now taking place after which some of the applicants will be incorporated in the business clinic, where they will have access to business professionals, technical support and on-going training.
