Title: Fact sheet : National Development Foundation of Jamaica brochure
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Title: Fact sheet : National Development Foundation of Jamaica brochure
Physical Description: Book
Language: English
Creator: National Development Foundation of Jamaica
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Subject: Caribbean   ( lcsh )
Spatial Coverage: Caribbean
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Bibliographic ID: UF00089174
Volume ID: VID00001
Source Institution: University of Florida
Holding Location: University of Florida
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9. WHY SHOULD YOU OR YOUR ORGANIZATION
BECOME A MEMBER OF THE FOUNDATION?
The development problems of Jamaica are immense and
cannot be left for the government alone to solve.
Corporate citizenship, self interest, social and economic
foresight all demand that those who can assist persons
struggling to get on the economic ladder should do so.

The Foundation offers the private sector an opportunity
to become involved in the development process in a
tangible way to offer OPPORTUNITY NOT CHARITY
to the nascent entrepreneur. Contribution to the develop-
ment of the people of the country is the major and long
term benefit. But the Foundation's concept links human
to economic development in specific ways and successful
Foundation projects will convert the unsecured ventures
of today into the secure businesses of tomorrow, develop-
ing new customers for banks, new markets for goods and
services and a more dynamic private sector and a more
stable society.
10. WHAT TYPE OF FUNDS ARE BEING SOUGHT
BY THE FOUNDATION?
Initially, the funds being sought are grant funds but very
long term loans, endowments etc., will be considered by
the Foundation.
11. ARE THERE OTHER WAYS OF CONTRIBUTING
TO THE FOUNDATION?
Other contributions of technical assistance or assistance in
kind such as equipment, materials and other contributions
would be welcomed by the Foundation.
12. WHY IS THE NATIONAL DEVELOPMENT FOUNDATION
GOING TO SUCCEED?

There are other foundations based on the same concepts
which have been successful, e.g. in the Dominican Republic,
Mexico, Guatemala and Nicaragua. The foundations which
havesucceaded all placed great emphasis on technical
assistance, while the others failed for lack of proper assistance
and guidance to its clients. The National Development
Foundation of Jamaica will place great emphasis on
technical assistance to the extent that acceptance of
Technical Assistance and Guidance will be a prerequisite
to lending.


NATIONAL
DEVELOPMENT
FOUNDATION
SOF JAMAICA
2 TRAFALGAR ROAD, KINGSTON 5, JA., W.I.
TELEPHONE: 92-77638, 92-77642, 92-78900.


FACT SHEET


NATIONAL
DEVELOPMENT
FOUNDATION
OF JAMAICA
2 TRAFALGAR ROAD, KINGSTON 5, JA.. W.I.
TELEPHONE: 92-77638, 92-77642, 92-78900.





FACT SHEET ON THE NATIONAL
DEVELOPMENT FOUNDATION
OF JAMAICA.


1. WHAT IS THE NATIONAL DEVELOPMENT
FOUNDATION?

The National Development Foundation of Jamaica is a
private not-for-profit voluntary organization, registered
under the Companies Act of Jamaica.

It is a development financing institution providing non-
traditional credit through the creation and administration
of a revolving loan fund supported by the provision of
business guidance and technical assistance to its clientele.'
It will be providing a social as well as an economic service
to the community.

2. WHAT IS THE PURPOSE OF THE NATIONAL
DEVELOPMENT FOUNDATION?

The purpose of the N.D.F. is to strengthen the develop-
ment of entrepreneurial skills and practices in Jamaica
through the provision of (a) credit (b) business guidance
(c) technical assistance to low income groups.

3. WHO WILL BENEFIT FROM THE NATIONAL
DEVELOPMENT FOUNDATION?

The National Development Foundation will help small
enterprises which may not have collateral and would not
normally be able to obtain loans through the banking
system. Only projects which are deemed economically
viable will be considered for funding. If the project is
feasible and the applicant is willing and able to accept
the technical assistance which the Foundation sees as
being needed then it will accept intangible measures of
client reliability such as skills, experience, character,
initiative and commitment to the business as bases for
making loans.

4. HOW WILL THE FOUNDATION BE MANAGED?

The National Development Foundation will have a Board
of Directors of eleven to seventeen persons drawn from
the SBA, the financial institutions and other private sector
organizations. The Board will be elected annually by
members of the Foundation.

There will be a paid professional staff, initially consisting
of an Executive Director, a Deputy Director who will be
the Financial Controller, four field extension officers and
other field, clerical and administrative staff as is deemed
necessary for the efficient and effective functioning of the
organization.


The interim Board of the Foundation comprises the follow-
ing :

Mr. R. Danny Williams Chairman
Mr. Adolph Brown Vice Chairman
Mr. Elon Beckford
Mr. Douglas Fletcher
Mr. Eldon Forrest
Mr. Solomon Goode
Mrs. Daphne Graham
Mr. Linwood Graham
Dr. Lloyd Hunter
Mr. Con Levers
Mr. Clive Lindo
Mrs. Enid Russell
Mr. Gilbert Thompson.

The Pan American Development Foundation will provide
training and consultancy services to the Foundation for the
first two years.

5. HOW WILL THE NATIONAL DEVELOPMENT
FOUNDATION BE FUNDED?

The Foundation is funded initially by a US$500,000 grant
from USAID through the Pan American Development
Foundation to cover the start up costs, technical assistance
and training and to contribute to the revolving loan fund.
The National Development Foundation will be required
to raise from the Private Sector US$160,000 (J$284,000)
over the first two years to match the US$500,000 granted
by USAID. The Foundation needs to raise a minimum of
J$300,000 in the first year and J$500,000 in the second
year to cover operational expenses and to bring its loan
fund to over J$200,000 in Year 1 and to over J$500,000
by Year !!.

Other international sources of finance have indicated
their interest in supporting the Foundation providing that
the local Private Sector demonstrates its commitment
to the Foundation by initially raising the matching funds
required.

It is projected that the Foundation will be self-supporting
through interest income, local and external fund raising
by the fifth year of operation.
6. LOAN POLICY.

(a) Purposeof the loan -
The resources of the Foundation may be used in the
financing of projects and productive programmes in
the following sectors :
Manufacturing garments, food processing,
furniture and woodwork, footwear, building
materials and construction equipment and toys;
small contractors, light metals and craft, garage


and spare parts, fisheries, agriculture, retailing,
commerce and services in general.
(b) Criteria -
The acceptance of technical assistance and inability to
obtain commercial bank financing are preconditions
for entertaining a loan application.
The applicants should comply with the following
chief requirements :
(i) They personally administer their own project
or enterprise.
(ii) The project or enterprise should provide a
major part of the income or contribute to a
significant increase in the income of each
participant.
(iii) The project's or enterprises' assets including
the value of land and buildings evaluated at
net depreciated prices should not exceed the
equivalent per participant of JS25,000.
(iv) In no case will a loan be granted to projects or
enterprises whose assets including land and
building at net depreciated prices exceed
J$50,000.
(v) The applicant must demonstrate that they have
benefited from the technical assistance given
and must practice the management techniques
imparted in the training programme.
(vi) Must be willing to provide the Foundation
with information on project operations for
the duration of the loan period.
(vii) Any any other criteria established by the
Board from time to time.

7. HOW CAN ONE BECOME A MEMBER OF THE
FOUNDATION?

One can become a member by making an annual contri
bution to the Foundation and applying for membership
on the Foundation's application form. The applicant
must be sponsored by a member of the Foundation and
will receive a written reply from the Foundation.
8. WILL THE NATIONAL DEVELOPMENT FOUNDATION
COMPETE WITH COMMERCIAL BANKS?

The Foundation will not compete with commercial banks
at any stage as it will be dealing with a clientele that
would not be able to obtain commercial bank loans.
Rather, the Foundation expects that all its customers will
eventually graduate into participating in normal banking
transactions and in that sense it will actually be develop-
ing a market for the banks.




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