The Jamaica Manufacturers and Exporters Association, JMEA has signed a Memorandum of Understanding, MOU with St. Elizabeth Sloane & Company to provide capacity building among other services to its members.
Elizabeth Sloane is a business development and deal origination company that operates within the Caribbean and West Africa.
It will provide JMEA members with training in accounting and risk management, free of cost, as well as discounts on its capacity building services.
In a statement yesterday, the JMEA notes that the 2018 Global Entrepreneurship Index ranks Jamaica at 13 of 24 countries within the region, and among the highest on average Startup Skills and Product Innovation.
It says the spirit of innovation has resulted in significant business potential with substantial investments being earmarked by local and overseas investors to promote small businesses.
But, it says funding isn’t the only thing that’s been lacking.
The JMEA says none of these investors is willing to put money into businesses that are not properly managed.
It also says starting a business in Jamaica has become easier, but sustaining the business is a challenge at which many small businesses fail.
The JMEA says companies that don’t have their financials in order find it difficult to enjoy the critical access to finance to scale, expand, and develop new products for business growth.
Under the 12 month Partnership, JMEA members will qualify for Quarterly training by Elizabeth Sloane in Management Accounting and Risk Management, free of cost.
They’ll also receive a 20% discount on Elizabeth Sloane’s Bundled Management Accounting Service for MSMEs.