JN Small Business Loans (JNSBL) and CB Foods, manufacturers of Bad Dawg Sausages, have signed a Memorandum of Understanding (MoU) to assist mobile hot dog vendors with access to funding. In return, JNSBL clients wishing to venture into that line of business will have access to equipment and ingredients through this partnership with CB Foods.
The MoU was signed at the JNSBL head office at 32 ½ Duke Street, in Kingston on February 20.
“This partnership demonstrates how private entities can collaborate to develop entrepreneurship especially among micro, small and medium entrepreneurs,” stated Gillian Hyde, general manager of JNSBL. “MSMEs are the engine of growth in every economy, and if we work together to facilitate this ‘growth objective,’ then our country will benefit.”
“The agreement is mutually beneficial to CB and JNSBL because we are companies which are serious about entrepreneurship and the development of Jamaica,” added Mrs Hyde. “We look forward to hearing about success stories from this endeavour, as ‘meals-on-the-go’ have become a staple feature of our culture, and this is an excellent venture to assist entrepreneurs.”
Under the terms of the agreement, JNSBL will make its suite of loan products available to Bad Dawg Hot Dog vendors, who will receive financial support once they meet the stated requirements. Successful loan applicants will be able to access between $500,000 and $1.5 million. They will also benefit from preferential rates where applicable. In addition, the loan company will refer its clients, who are seeking to be involved in that line of business, to CB Foods.
“We know that CB has established strict standards for the handling and storage of its food products and equipment; and when coupled with JNSBL’s track record of helping businesses grow, entrepreneurs will gain from the training provided by both
companies, and to the benefit of their business operation,” Mrs. Hyde affirmed.
Miss Alicia Bogues, Regional Development Manager, CB Foods, explained that her company was committed to building Jamaica and fostering job creation, hence the MoU is targeted to expand their reach across the country. There are currently some 20 plus vendors across the island, and the MoU will assist to increase that number.
“CB has always sought to develop Jamaica and unearth the talent in its biggest asset: our people. We’re really excited to partner with JNSBL, as this initiative gives more people an opportunity to become their own boss. It also aligns with our “Live Better” public awareness campaign. We want to encourage more Jamaicans to consciously make decisions to better their country, themselves, their fellow countrymen and communities. This is a great start,” she outlined.
The agreement also allows CB Foods to inform JNSBL clients about JNSBL workshops, refer its customers seeking financial support to JNSBL for funding; provide feedback from its customers; and assist JNSBL with contact information for cart owners and operators should the need arise.
“The Government has also become more receptive towards mobile food vendors,” Miss Bogues stated. “Street food is a growing trend globally, and the parish councils are finally more receptive to regularizing how it’s done here, which can enhance our bustling city streets. We look forward to working closely with our Bad Dawg entrepreneurs and municipalities to forge an even greater partnership.”