As Jamaica celebrates Reggae Month, JN Bank’s Gillian Hyde says greater collaboration within the ecosystem that powers the creative industry, including among financial institutions, is needed to support entrepreneurs and professionals in the cultural space.
Speaking ahead of the JN Talking Reggae Symposium set for next Monday, February 28, she said persons operating in the creative industry continue to experience difficulty when accessing capital, and noted that financial institutions are critical players in the development of the industry.
“The creative industry has faced a number of challenges when engaging with financial institutions over the years,” explained the deputy managing director with oversight of the bank’s Small Business Loans division. “Institutions’ abilities to make credit decisions have been impacted by several factors, such as the absence of documented plans and robust financial management practices supporting the ability to repay loan facilities, as well as the risk factors affecting the industry.”
Hyde, who will be one of several panellists at the symposium, also pointed out that insufficient collateral and an inability to aptly monetise intellectual property remain a challenge.
She underscored that the creative industry continues to be an important contributor to the Jamaican economy, given its diverse range of participants, which extends beyond musicians and artistes to include vendors, make-up artists, fashion designers and several other trades.
MUSIC’S CONTRIBUTION TO JA’S GDP
In 2018, citing data from the IMF’s World Economic Outlook GDP Estimate for Jamaica, Minister of Culture, Gender, Entertainment and Sport Olivia Grange highlighted that the creative industries generated some US$730 million to Jamaica’s gross domestic product. That music represented close to two per cent of that total.
Hyde noted that the creative industry contributes immensely to the country’s tourism product and is a key feature of Brand Jamaica. Therefore, resolving the problem of financial access for its players must be a priority.
The micro and small business banking expert noted that JN Bank is actively building meaningful relationships with the creative industry to improve access to financial services, pointing out that special loan programmes that provide unique discounts on rates are being developed.
“The JN Group will be seeking to ensure active association with the creative industry in terms of advocacy, sharing knowledge, capacity-building, and driving the ecosystem, to include access to a suite of financial services,” she noted.
Hyde said The Jamaica National Group has been, and remains, an avid supporter of the growth of the creative industry over the years, through its mounting of various events and its establishment of collaborations and partnerships with various groups.
The JN Talking Reggae Symposium culminates Reggae Month celebrations.
She noted that beyond the bank, JN Group would also be ensuring access to key programmes and products to support and impact the overall development of the creative industry, and the growth of creatives’ families through insurance offerings, pension planning programmes, as well as savings and investment opportunities.
To participate in the symposium, persons may register via the JN Group website, www.jngroup.com. The event will also air live on Television Jamaica at 8:30 p.m.
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