Photo Caption: Karen Walsh-Stamp, head of regional credit sales and operations at JNBSBL.
Small businesses remain a significant source of community development and creating opportunities for individuals and families. According to JN Bank Small Business Loans (JNBSBL), formerly JN Small Business Loans, these enterprises are vital in building stronger communities.
Karen Walsh-Stamp, Head of Regional Credit Sales & Operations at JNBSBL, emphasised that entrepreneurs play a critical role in driving economic and social progress, especially when they receive the necessary financial resources.
“In our daily operations, we see firsthand how access to funding helps entrepreneurs grow their businesses. They often use the loans to purchase equipment and supplies, which usually result in their businesses becoming more productive and successful in the long run. As these businesses grow, they create jobs,” she explained.
Since 2021, the team at JNBSBL has been supporting entrepreneurs financially, building on nearly 25 years of legacy.
Strengthening Rural and Urban Economies
Mrs Walsh-Stamp also noted that many entrepreneurs operate in rural and urban areas where employment opportunities are sometimes limited.
“Particularly in rural communities, loans help entrepreneurs to sustain their businesses and provide stable employment opportunities, thus reducing the need for people to move to the urban areas for work,” she added.
She pointed out that beyond job creation, small business owners often play a crucial role in community building.
“Many entrepreneurs give back by sponsoring events and contributing to charitable initiatives which help to improve the overall quality of life in the community that they operate in.”
A Success Story in Small Business Growth
Magic Laundry Services located in Hopewell, Hanover.
For Omar Daley, a police corporal assigned to the St James Zone of Special Operations and owner of Magic Laundry Services, entrepreneurship has been a means to his personal success and community impact. His businesses are located in Hopewell, Hanover, and Green Pond, St James.
Over the past 15 years, he has steadily expanded his operations, now employing a team of eight. His 17-year-old son also helps when available. Starting with just one employee, the growth of the business created the need for additional staff. The opening of the second location in Green Pond seven years ago further increased the team.
“We operate as a time saver. You can go to work and when you come back, your clothes are clean and fresh,” said Mr Daley.
He explained that the idea of the laundry service was inspired by his late mother, who used to offer laundry services in people’s homes. Building on this foundation, he established his own facility. With extra space at one of the locations, he seized the opportunity to diversify his business by venturing into the supply of filtered bottled water.
Overcoming Financial Barriers
He shared that in an effort to grow his operations, he initially applied for a loan at a credit union but was unsuccessful in securing the funding. Determined to move forward, he then turned to JN Small Business Loans, now JN Bank Small Business Loans, where he was able to access the financial support needed.
“Actually, the loan was easy,” he said, disclosing that he has obtained about four or five loans over the past nine years to purchase washing machines, dryers and to improve the physical space.
Apart from the loan, he credits his staff members for the growth of the business.
“I believe in my staff. They are significant to the business. They are number one. You have to motivate the staff because if they are not motivated, you will not make any money.”
Reflecting on his employment of eight people, he expressed satisfaction in knowing he is making a positive impact on their lives.
“I’m going to try and improve and get more [staff] because for this year, I’m working on both customer service and marketing. I need to get my front-line staff certified in customer service because I believe that is what grows business. I value customer service. That is what I want to work on this year,” he related.
Kimberly Thompson, who oversees the Hopewell location, has been with the business for nearly five years. She shared that she was unemployed before joining the team and was grateful for the opportunity which provided her with financial stability and personal growth.
“It has been helpful, and it gives me a lot of experience such as how to deal with aggressive customers, good communication skills and how to be a people person,” she said, adding that she learned these skills since being with the company.
“The work is good and I’m learning as I go along,” she maintains.
Beyond providing employment, Mr Daley pointed out that his business has also been giving back to the community through part-sponsorship of the Green Pond High School DaCosta Cup football team in St James for the past three years.
