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Established in 1981, the National Development Foundation of Jamaica (NDFJ) is a private not-for-profit development bank that provides institutional support to the small and micro business sectors in the form of loans, non-traditional credit, technical services and training.
The Foundation disburses funding from the Development Bank of Jamaica and Development Options Ltd. under a special MicroFIN Programme and the Trafalgar Development Bank, under a special Ministry of Investment and European Union Programme.
Success for the Foundation is embodied in the qualities of professionalism, dynamism and competence, administered by a cadre of young, highly trained and dynamic management and staff under the direct leadership and guidance of a Board of Directors.
HISTORY
BREATHING LIFE INTO SMALL BUSINESSES
When the National Development Foundation of Jamaica was formally launched by the Prime Minister on November 19, 1982, it was the culmination of a long-held dream and the beginning of a successful story of a new and revolutionary financial institution, designed especially for the needs of the small business sector. Here, for the first time, was a private sector institution offering character loans to people whose major collateral was their skill and entrepreneurial ability.
The concept for an agency to source and provide financing for the small and micro enterprises originated within the Small Business Association of Jamaica during the late 1970s, in its response to the need for affordable capital in an increasingly hazardous economic environment. With the closure in 1980 and 1981 of the two development finance sources available to the sector at the time, the need became more acute.
A lobby group, comprising representatives of the SBAJ and other businessmen sought the assistance of the Pan American Development Foundation to establish the organization. Financial assistance was provided by USAID with a grant of US$40,000 and seed money of $250,000 provided by the Jamaican private sector.
The concept of the NDFJ included offering training and assistance to clients in managing their businesses and in basic accounting practices such as book keeping. Within its first 5 years of operation, the NDFJ had created 4,278 new jobs in the small business sector and over 900 clients had benefited from its training programmes. Its loan portfolio had grown to $9 million. It had established 2 branches, first in Mandeville and then in Ocho Rios, and most importantly, it began moving towards self-financing.
THE NDFJ TODAY
Today, 20 years after it was launched, the NDFJ has grown to become a well-established, independent financial institution, with a loan portfolio that now exceeds $300 million and an asset base of $362 million under management and a Return on Equity Ratio of 1.46%. To date, the Foundation has granted over 8,000 loans to the sector. The Foundation continues to perform as the forerunner in retail lending and remains one of the most viable and reliable organizations in providing technical services and loans to 2 of the economy's most vital sectors.
Creating better employment
through enterprise