Growth & Jobs | Built from the ground up

In the highly unpredictable world of business, one must be able to take calculated risks to achieve success. For those who are starting independent ventures, one wrong move can be costly. It is for this very reason that many have reservations about stepping out on their own and being their own boss because with more power comes more responsibility. However, for others, such autonomy is non-negotiable and all obstacles along the way will be overcome in the pursuit of their ultimate vision.

For Pearlina Davis, a sudden change in circumstances unlocked a burning motivation that transformed to a new purpose.

“Initially I was working at an insurance company for many years, and then my co-workers and I were blindsided when we became redundant. It was a very shocking experience for me, and I made a promise to myself that moving forward, I would never work for anyone else again. My sister had previous experience in the sales world and then she and I started to brainstorm new solutions for ways to make a living,” Davis said.

Out of those brainstorming sessions ‘P’s Handbags’ was created, an independent business that has been going strong since 2001.

Located in the Oxford Mall arcade in downtown Kingston, across from Coronation Market, Davis has been in business for 20 years. The business retails brand name stock from overseas, and sells these premium accessories, primarily women’s handbags, at competitive prices for those who are fashion-forward and trendy.

When it was time to take her business to new heights, JN Bank Small Business Loans (JNBSBL) provided an avenue for her to gain a strong foothold against her competitors in the market.

“JNBSBL aided me with a loan at a favourable rate that allowed me to purchase stock at a crucial time and the return on investment was significant. I’ve got many friends to whom I have recommended that they should use JNBSBL to solidify their ventures.

I was introduced to JN through a friend in 2012. We went to the Portmore branch. My loan officer, Mrs Cornish, has always been extremely helpful in guiding me through every process.”

Davis believes the most significant barrier to entry for small independent business owners is access to capital, not only for overhead costs that may arise in the initial investment period of a business launch, but more importantly, when a business owner needs to pivot and expand.

“Without the JNBSBL assistance I would have fallen behind in the marketplace. The new stock not only allowed me to provide a larger volume of products across the board to meet increasing demand, but it also allowed me to experiment with other accessories, such as footwear to see how my customers would respond. Thankfully, they were very enthusiastic about the new items.”

UNIQUE CHALLENGES

Latoya Hayden-Cousins, client relations manager, JNBSBL, explained that the commitment to help micro businesses owners thrive has always been a cornerstone of the JN philosophy.

“We pride ourselves in enriching lives and impacting the future for a better tomorrow for the persons we serve. We will always help our clients to find away. We understand the unique challenges independent business owners face, and we want to help foster their entrepreneurial spirit while providing safeguards for their growth.”

JN Bank continues through its Small Business Loan Division to find innovative ways to help micro and small business owners to find their footing and stay on the path to growth and profitability.

Hayden-Cousins credits new initiatives such as ‘Biz-Connect’ for continuing to pave the way in a mutually beneficial partnership. The initiative is a pop-up storefront at select JN Bank locations that allows JNBSBL clients to showcase their products and services to JN employees, members and customers.

“This helps to create new opportunities for our clients. It also increases client loyalty and provides visibility for the clients by showcasing their offerings. It’s an intentional means of building stronger relationships with the persons we serve and strengthening their business,” Hayden-Cousins pointed out.