SSF to Rebrand Itself

The Self Start Fund (SSF) is currently on a mission to rebrand and reposition itself in order to respond to the demands of the micro, small and medium enterprise (MSME) sector and maximize its product offering.

Speaking with JIS News, General Manager of the SSF, Sezvin Hamilton, said  that an integral part of the rebranding exercise will be a stronger collaboration with Jamaica Business Development Corporation (JBDC) and the Micro Investment Development Agency Limited (MIDA), with a focus on strengthening its business support service and risk management and collection.

“So, SSF has been mandated to merge with these two other agencies. MIDA’s main purpose in this merger will be to identify and provide funding in the form of venture capital, angel financing and for those (businesses) who are very deserving, possibly some form of grant funding. MIDA will also focus on robust risk management and collection as when we (SSF) lend, we need to collect the money in order to lend again,” Mr. Hamilton outlined.

The General Manager informed that the SSF, with the assistance of JBDC, is looking to engage its clients in training to ensure that they are grounded on the right path and are able to sustain their business and its longevity.

“JBDC will provide business support, which includes training to entrepreneurs in various areas and sectors. They will guide the MSME every step of the way in terms of how to get accreditation and set up their accounting system; write their business plan and guide them through the process of utilizing other government entities, which are involved in business development,” Mr. Hamilton added.

On the issue of product offering, the General Manager said  the SSF intends to expand its pool of funds and possibly increase the loan amount from its current maximum of $750,000 to three million.

“We want to get a larger pool of funds as with this, our product types can be varied significantly, likewise our lending rates, and then we would be able to reduce the interest rates and still make a small surplus,” Mr. Hamilton said.

As it relates to expanding its services, the General Manager said that consideration is being given for the establishment of additional locations as the SSF currently operates from its sole branch at Parkington Plaza in Kingston.

“We have been looking for new office locations as the idea is to get the money out there to the people where they find it convenient and where we can monitor them effectively,” Mr. Hamilton noted.

The SSF provides loans to micro and small entrepreneurs and individuals who are unable to access financing from traditional financial institutions.

Loans are accessible to persons involved in agriculture, trading, services and manufacturing-type businesses, up to a maximum of $750,000 at an interest rate of 23 per cent per annum.