STCCU Launches Small Business Unit June 10

The St. Thomas Co-operative Credit Union (STCCU) will be launching its micro and small business unit tomorrow (June 11), as part of its continued thrust to enhance business development on the eastern end of the island.
The launch will be held at the Whispering Bamboo Cove Resort in Morant Bay, St. Thomas, beginning at 10:00 a.m.
This unit, which will be housed at the STCCU, will provide financial and technical support to micro, small and medium enterprises (MSMEs).
Speaking with JIS News, Technical Resource Officer at the STCCU, Villet Kelly-Bennett pointed out that the unit would be providing loans, saving policies, insurance products and technical assistance in the form of business development training sessions to the MSMEs.
“We have realized that there are several micro and small businesses in St. Thomas, some of which want to start, some of which have their businesses but want to strengthen it, but do not have the required security. The credit union has decided to open its facility to make it much easier for these micro entrepreneurs to access funding through the unit,” the Technical Resource Officer explained.
The micro and small business unit, she added, would enhance small business development through regular business development training sessions that will assist operators in simple record keeping and marketing practices. The unit will also act as a reference point where persons may be directed to other entities that will provide them with technical support, such as the Jamaica Business Development Centre (JBDC), the Scientific Research Council (SRC) and the Bureau of Standards Jamaica.
Mrs. Kelley-Bennett pointed out that, “all micro, small, medium-sized enterprises that have their business and see the need to strengthen it, whether by buying additional equipment or raw material or refurbishing their business,” are eligible for a loan. In addition, persons who have a start-up business and a viable business plan can also access services from the unit.
“The unit will certainly enhance the MSM enterprise sector in St. Thomas and by extension Jamaica, as these entrepreneurs will now find it much easier to access funds that can be pumped into their business to allow them to offer better services,” she said.
She added that the launch of the unit would enhance the business of the credit union as “we have been able to diversify our product offerings by adding another dimension to the whole gamut of products that we have. It will also serve as a facility to cross sell our other products.”