Young People to Benefit from Jamalco Small Business Loans

Corporate Services and Government Affairs Manager at Jamalco, Leo Lambert, addresses a recent function at the Broadleaf All-Age School in Manchester, where he announced that the company will be launching a fund to assist young people to start small business ventures.

The Clarendon-based bauxite/alumina company, Jamalco, will in a fortnight launch its Entrepreneurial Development Fund, which will assist young people to start small businesses.
Making the announcement at a function held at the Broadleaf All-Age School in Manchester recently, Manager for Corporate Services and Government Affairs, Mr. Leo Lambert, explained that the initiative will benefit persons in the company's seven operating communities.

"It is going to enable young persons in our host communities, who are unemployed, but have brilliant ideas to get the capital they need to start their own businesses," he stated.
Mr. Lambert informed that the loans will be offered through the People's Cooperative (PC) Banks at a seven per cent rate of interest, with a three-year repayment period. The full details of the fund, including the value and how it will operate, will be announced at the formal launch.

In the meantime, Jamalco is projecting to spend some $40 million this year on community outreach in areas of education, health care, infrastructural development, and building social facilities. The amount is $10 million more than the approximately $30 million expanded last year.

"We are guided by a philosophy that says that before we can be the best alumina producers, we must first be the best in our host communities," Mr. Lambert said of Jamalco's work in the communities.

"We live the philosophy that our host communities and our stakeholders are partners in our operations. We are committed to capacity building and ... giving people opportunities to acquire skills that they can deploy to better their lives" he added.

Mr. Lambert appealed for a creative approach in dealing with concerns from community members affected by mining operations.

"It can't be in the interest of anybody to disrupt the industry because in the long-run it undermines the ability of the company to fund the myriad of projects. It is only possible if Jamalco can operate in an environment conducive to productivity," he emphasised.

 

Source: Jamaica Information Service (JIS)