Business Entrepreneurial Empowerment Programme (BEEP)-

Main Objective is:

To provide basic entrepreneurial training and related support services for micro, small and medium-sized enterprises (MSMEs) to assist them in formalizing their business activities and in achieving minimum business standards as well as preparing them for business risk rating to enhance their access to financing.

Summary Project Description

The Business Entrepreneurial Empowerment Programme (BEEP) provides basic entrepreneurial training to MSMEs to assist them in formalizing their business activities and to achieve minimum business standards in key areas, including Legal Compliance, Accounting, Financial Literacy, Computer Literacy, Business Management and Planning. Delivered through the Institute of Law & Economics, the BEEP will assist MSMEs in improving their Business Risk Rating and will facilitate their access to financing under preferential arrangements. The training is supported by related Business Support Services to assist MSMEs in achieving specific outcomes as well as facilitating MSMEs to earn high MSME Business & Credit Risk Ratings.© [1]

Monthly workshops providing at least twenty (24) hours of training (6 days over a 2-week period or 3 whole days) is organized in response to demand from MSMEs and from business organizations, including The MSME Alliance. Business Support Services is provided by Mentors to each MSME trained depending of their needs and their ability to pay. The services will include: legal, accounting, ICT, Business Management & Planning. The workshops and related Business Support Services will yield the following outcomes for MSMEs trained:

Legal Compliance (Indicator: Registration of business name/company or acquisition of TRN number)
Basic Record Keeping/Financial Literacy (Indicator: Demonstrated book-keeping competency)
Computer Literacy (Indicator: Demonstrated computer competency)
Business Plan (Indicator: Completion of at least a Business Plan outline or a Business Plan)
Membership of Business Association (Indicator: Registration with Business Association)
Compliance with National Contracts Commission (NCC) guidelines (optional)

Monthly workshops providing at least twenty (24) hours of training (6 days over a 2-week period or 3 whole days) is organized in response to demand from MSMEs and from business organizations, including The MSME Alliance. Business Support Services is provided by Mentors to each MSME trained depending of their needs and their ability to pay. The services will include: legal, accounting, ICT, Business Management & Planning. The workshops and related Business Support Services will yield the following outcomes for MSMEs trained:

1.      Legal Compliance (Indicator: Registration of business name/company or acquisition of TRN number)
2.      Basic Record Keeping/Financial Literacy (Indicator: Demonstrated book- keeping competency)
3.      Computer Literacy (Indicator: Demonstrated computer competency)
4.       Business Plan (Indicator: Completion of at least a Business Plan outline or a Business Plan)
5.       Membership of Business Association (Indicator: Registration with Business Association)
6.       Compliance with National Contracts Commission (NCC) guidelines (optional)

To date, BEEP has provided training, sensitization and/or support services to 1000 MSMEs, over the period June 2010 to November 2015, in collaboration with the Scotiabank Chair in Entrepreneurship & Development, UTech, The MSME Alliance, HEART, LIME, JMMB, JBDC, JAS, Newport Fersan, among others.

Main Beneficiaries

MSMEs seeking financing from AFIs under the DBJ/AFISME Lending Window

 

Expected Impact

More formalized MSMEs

Better business practices

Improved MSME Business Risk Rating

Improved access to financing

Increased productivity, competitiveness and profitability among MSMEs

Positive contribution to Jamaica’s economic growth and development