The Jamaica Association of Micro Financing Limited (JAMFIN), with offices located at 21 Connolley Avenue, Kingston 4, was established in 2011 by a group of major players in the Micro Financing sector, as a not-for-profit company. The micro enterprise sector is growing in significance as changes in the economic environment make the job market more competitive. Vibrant and effective micro financing services are a vital link in the chain for the growth of this sector.
The Association is mindful that micro enterprises vary in nature and are relevant for a broad cross section of economic activity, Young entrepreneurs for example, are our future business leaders and decision makers. They hold the key to the sustainable development of the world’s economy, hence, young people have to be encouraged and taught to recognize entrepreneurship as a viable career choice, the micro financing sector sees these young people as an important segment of their market.
The cultural/creative industries have been identified among the fastest growing sectors in the global economy. Micro financing has a key role in maximizing the benefits to be derived from structured, targeted growth of businesses that stem from the innovative initiatives related to these industries.
Green business is an enterprise that has no negative impact on the global or local environment and warrants further development. Micro financing for the green sector will go a far way to changing the destructive cultural practices and creating the focus on renewable energy and sustainable methodologies for production whether in agriculture, manufacturing or tourism.
Micro financing promotes innovation and stimulates the growth of a wide range of businesses with the potential for employment generation and wealth creation. As micro enterprises increase in size many graduate into the small and medium size business sector thus strengthening the base for economic stability and sustained growth. It is against this background that JAMFIN sees as its mission “to support the development of the micro enterprise sector as a key player in national economic development through the provision of accessible, appropriate and timely financing, training and business development services to individuals and enterprises”
The founding members of JAMFIN have proven track records extending over two decades, offering both personal and micro-business loans. Their network combined spans the entire island with twenty seven (27) branches, and a staff complement of approximately two hundred and twenty (220) persons.
JAMFIN’s members are private sector registered companies with an annual turnover in the range of three billion dollars ($3,000,000,000.00). JAMFIN’s Membership extends to micro enterprise organizations that provide a range of services to the sector. JAMFIN seeks to fulfill its mission through strong alliances with stakeholders both public and private, locally and internationally, as well as through the provision of much needed services to its members and their customers. Such services include training, business counseling, lobbying to ensure that the interests of the sector are met and the promotion of best practices among members. The Association is governed by a six-member Board of Directors.