Maverley Community in St Andrew Empowered Through Financial Literacy Forum
The Maverley community in western St Andrew has long been plagued by high levels of unemployment and underemployment, leading many residents to resort to micro-entrepreneurship as a means of survival. However, without the necessary education and training, these businesses often struggle to thrive, leaving families barely making ends meet.
Recognizing the need for support, the Maverley Primary & Infant School took the initiative to host a financial literacy and small business forum in collaboration with JN Bank Small Business Loans and the JN Foundation. The forum aimed to provide knowledge and resources to some 50 parents, mainly women, from the community to help them improve their economic situation.
Vice-Principal Kerry Taffe highlighted the importance of training, motivation, and understanding financial management for micro-entrepreneurs in Maverley. She emphasized that many residents have the skills and desire to start their own businesses but lack the know-how to do so effectively.
During the forum, attendees were introduced to a four-point financial management roadmap, covering budgeting, saving, investing, and credit. They were also taught how to prepare and apply for financing, as well as manage loans. The importance of maintaining a good reputation and character to access loans was stressed, as well as the impact of late payments on their financial standing.
The event was well-received by participants like Sharon Smith, who operates her own retail microbusiness. She expressed gratitude for the valuable information presented, including market research, budgeting, and saving tips.
Moving forward, the school plans to organize more sessions to empower parents with the knowledge and skills needed to provide for their families. By fostering financial independence and entrepreneurship within the community, a more sustainable approach to economic empowerment can be achieved, benefiting not only the residents but also the school and the wider community.
Rose Miller, a financial empowerment coach at JN Foundation, reiterated the importance of financial independence and committed to continuing the education and training efforts in Maverley. The goal is to help residents gain financial security and pave the way for a brighter future for themselves and their families.