KINGSTON, Jamaica – At the launch of the Jamaica Manufacturers’ Association (JMA), Buy Jamaica, Build Jamaica initiative in 2004, Chairman of the National Commercial Bank, Michael Lee-Chin stated “we need to be cognizant of the connection between our spending habits on foreign goods and our balance of trade payments, the more we demand foreign goods, the more pressure is being placed on the local currency”.
His statement still resonates today, but significant work has been done to educate consumers about the importance of buying goods produced in Jamaica, primarily by the JMA.
The JMA will honour Lee-Chin, for his support of the ‘Buy Jamaica, Build Jamaica’ initiative, at its 38th Annual Awards Banquet to be held on September 28th.
Michael Lee-Chin,
Chairman of National Commercial Bank
“We are grateful that the JMA is recognizing NCB’s contribution to the business sector and recognizing our Chairman for his outstanding vision and fervent support of Jamaica. At NCB, we regard ourselves as partners of the business community and we realize that our success is dependent on the success of our customers. It is therefore in our best interest to support initiatives that bring benefits to the businesses we serve and our country, ” Sheree Martin, Assistant General Manager of the Group Corporate Communications Division stated.
NCB has been an ardent supporter of the JMA since that historic launch in 2004. Earlier this year, NCB contributed $1.5million towards the staging of the JMA/JEA Expo. The Expo showcased products and services from Jamaica’s manufacturing and productive sector to buyers from the Caribbean, China, United Kingdom, Australia, Japan and North America, as well as, thousands of Jamaicans.
With the knowledge that financing is also an important factor for the success of the manufacturing sector, NCB has created a dedicated SME Unit offering a number of products and services that are specifically structured for the SME segment, to help them achieve business growth and prosperity through appropriate and comprehensive financial solutions.
One such product is the NCB Merchant Advance, which works by using future earnings, generated through credit and debit cards, to secure financing. This allows small and medium-sized businesses to access funds for their development goals, especially in situations where they lack the collateral to access the necessary funds through traditional means. This product provides businesses access to working capital of up to J$5million or US$80,000, depending on how much funds are collected through the card terminals. In response to calls from the sector, NCB recently lowered its minimum borrowing restrictions to allow more businesses the opportunity to access this innovative loan.
NCB continues to champion the Education sector, as the Organization has posited that the creation of a productive, educated and entrepreneurial workforce is the cornerstone for continued growth and development for the nation. Through its Jamaican Education Initiative (JEI), NCB has developed a multi-pronged approach to advance the education agenda in Jamaica. JEI, which is funded through the donation of one percent (1%) of all NCB Keycard purchases, includes providing scholarships and grants to basic, high school and tertiary institutions.
“Our mantra, building a better Jamaica, dictates that we serve as catalysts to accelerate growth and development in our country. As our Chairman boasts ‘our profits stay here’ and we will continue to invest in Jamaican companies and our people,” effused Mrs. Martin.
