Caption: Roy Lamey accepts a grant from Marsha Salmon-Ebanks, Client Relations Manager, JN Bank Small Business Loans Division, as part of the Bank’s recovery efforts for small business operators affected by Hurricane Melissa.
Financial support through the M5 Business Recovery Programme is helping Roy ‘Barry’ Lamey, operator of Barry Beauty Supplies in Santa Cruz, St Elizabeth, to rebuild his business after it was devastated by Hurricane Melissa.
A long-time customer of JN Bank, Mr Lamey received financing under the recovery initiative established by the Development Bank of Jamaica (DBJ), which has provided funding through JN Bank and other participating financial institutions to help micro and small businesses restore operations following the disaster. The programme offers up to $50 million in financing to affected enterprises, repayable over 10 years at an eight per cent interest rate.
In addition, Mr Lamey benefited from a separate recovery grant provided by JN Bank to accelerate the restart of the business.
“I love them because they never turned their back on me over the years. They give me the best treatment. They saw what happened to me and helped me. I’m grateful,” he said of JN Bank.
The assistance has been critical for the businessman to restock his store.
Mr Lamey related that four days before the hurricane, he had just replenished the shelves of his store with almost half a million dollars’ worth of hair and beauty products obtained on credit. When the hurricane made landfall, floodwater and mud swept through the store, located at Beadles Plaza, and destroyed the newly acquired merchandise along with the existing inventory.
“I never made a dollar on them. I had to break myself and pay the debt,” he bemoaned.
The impact was severe. Mr Lamey estimates that about $1.5 million worth of goods was destroyed. His computer and display cases were also damaged when floodwaters slammed them against the walls.
“For one and a half months I couldn’t open the store to make a dollar. It was a big setback,” he shared.
Cleaning up the store proved to be another major challenge. Mr Lamey said it took nearly a month to remove the four feet of mud, wash the store and repair the damage.
Before the hurricane, the business employed two workers. However, with limited stock and reduced sales, he has scaled back operations and now employs only one worker for two days per week.
“I don’t have the goods to make the money to pay the workers. The more goods you have, the more money you make,” he explained.
Since 2017, Barry Beauty Supplies has been a trusted source for hair and cosmetic products for customers in Santa Cruz. Mr Lamey believes his customer service approach has helped to build strong relationships with patrons over the years.
“When a customer comes in my shop, the only way they don’t buy from me is if I don’t have it,” he said. “I deal with customers with manners. I give them time to decide their mind. I don’t hasten them. I sit and talk with them.”
Before entering the beauty retail business, Mr Lamey worked as a painter. However, he shared that after spending three weeks painting a house and having to wait another month to be paid, he decided to leave that line of work. He worked at a beauty supplies store until he launched out on his own.
The experience of the hurricane has provided him guidance on how to prepare for future storms.
“If another hurricane comes, I know what to do. I would put the things on higher shelves and take things home,” he said.
Roy Lamey at his store, Barry Beauty Supplies, at Beadles Plaza, Santa Cruz.
Marsha Salmon-Ebanks, Client Relations Manager of JN Bank Small Business Loans Division, underscored that micro and small businesses play a critical role in communities across Jamaica and are often among the hardest hit when disasters occur.
“Small business operators form the backbone of many communities across Jamaica, and when disasters such as Hurricane Melissa strike, these entrepreneurs often face the difficult task of rebuilding their physical spaces and their livelihoods,” she said.
“What is sometimes overlooked is the extent to which these businesses are interconnected. A single enterprise, such as a beauty supply store, often supports a network of hairdressers, barbers and other service providers who depend on consistent access to products to serve their own customers. When one business is disrupted, the effects ripple across the wider community, impacting services and local economic activity,” she added.
Mrs Salmon-Ebanks noted that through JN Bank’s partnership with the Development Bank of Jamaica, affected business owners can access financing to restock, repair equipment and restore operations under the M5 Business Recovery Programme.
“We recognise that recovery after a disaster does not happen overnight. Disruptions therefore can have far-reaching consequences,” she added.
By providing affordable financing and leveraging the bank’s network and experience in microfinance, she explained that the institution is able to reach entrepreneurs across the island and help them rebuild stronger businesses.
“Our goal is to help businesses recover from the immediate impact of the hurricane and position them for long-term sustainability and growth. When small businesses recover, communities recover, and the wider economy benefits,” Mrs Salmon-Ebanks maintained.
