Author Archives: JN Foundation

Photo Caption: Omar Wright, Lead, Environment and Community Development, JN Foundation

The JN Foundation has opened applications for its Motorcycle Helmet Safety Photo Advocacy and Visual Arts Competition, which aims to empower young Jamaicans to use photography and visual arts as tools for promoting safer road practices, with a focus on advocating for helmet use among motorcyclists and pedal cyclists.

Omar Wright, Lead, Environment and Community Development, JN Foundation, said the competition, builds on the original JN Resolution Project, retaining the core mission of that project to empower youth to use photography as a powerful medium for advocacy. It’s the second initiative by the Foundation to build on the Resolution Project, following last year’s Jamaica 60 Photo Advocacy Competition.

Winners of the Photo Advocacy and Visual Arts Competition will have the chance to win cash prizes valued at J$50,000 and J$150,000.

“This year, participants will be tasked with capturing images that highlight the importance of helmet use on Jamaica’s roads, advocating for safer practices, and raising awareness about road safety,” he explained.

He said the inclusion of visual arts in this year’s competition will challenge younger participants to create artistic helmet designs. This component aims to engage children, who are among the most vulnerable road users, by encouraging creative expressions around safety.

The competition will focus on training and equipping students from secondary, tertiary, vocational and skills training institutions across the island with the technical skills to capture images that inspire safer road usage. Secondary school participants will be organised into teams, although their individual submissions will be judged. Participants enrolled in schools at the tertiary level or who are enrolled in vocational or other skills training institution will participant as individuals. Workshops will provide students with training in photography techniques, advocacy, education on road safety, and their competition assignments.

All participants will be encouraged to submit their entries digitally. Mr Wright said the goal is to create a collection of 20 to 30 impactful images that can be used in exhibits, publications, and road safety campaigns.

Like the last initiative, a panel of assessors, including master photographers, Radcliffe ‘Ruddy’ Roye and Stuart Reeves and representatives from the National Helmet Wearing Coalition (NHWC) and the JN Foundation, will evaluate the submissions. The top entries will be selected through a preliminary review process, with winners announced at a special awards ceremony in January 2025.

For the visual art component, Mr Wright said students ages 8 to 12 will produce creative art designs for motorcycle helmets. Parents are invited to assist with the application process, but the artwork must be completed solely by the child. A separate panel, including representatives from the JN Foundation and NHWC, will judge the designs, with winners also recognised at the awards ceremony.

Through this initiative, Mr Wright informed that the JN foundation Photo-Advocacy Project hopes to empower 50 to 100 advocates, equipped with knowledge about Jamaican road users and the actions needed to reduce crashes and fatalities.

“By targeting younger audiences and encouraging the use of visual media, the project seeks to fuel road safety awareness across the country, particularly among those aged 16-29, who represent a significant portion of Jamaica’s road users who are dying from motorcycle fatalities,” he explained.

Applications are open to Jamaican nationals enrolled in secondary, tertiary, vocational and skills training institutions for the photo-advocacy component and primary and preparatory schools only for the visual arts competition. Persons can submit their application via the JN Foundation website at jnfoundation.com. The deadline for submissions to the photo-advocacy competition is October 10, 2024, and for the visual arts competition, October 15, 2024.

A decade-long journey of personal struggle and scientific innovation has culminated in the establishment of a thriving business, Kihara Cosmetics. The company, founded by a determined entrepreneur, Dr Charah T. Watson, who is also executive director of the Scientific Research Council, has grown from humble beginnings into a successful enterprise, boasting over 20 unique products.

Dr Watson shared her entrepreneurial journey during a summer camp organised by the JN Financial Academy for 12 to 17 year-olds under the theme ‘Building the Future Entrepreneur’.

She informed that her entrepreneurial journey started while in graduate school, where she formulated and developed products to address her own hair and acne issues. This led to the inception of Kihara Cosmetics.

“My journey began with a desire to solve a personal problem,” she explained. “I suffered from severe dandruff and tried countless products, but none worked for my hair type and lifestyle. This motivated me to use my knowledge and research skills to develop something effective,” she said.

In 2010, she embarked on a quest to formulate a product that would address her dandruff issues without the drawbacks of existing solutions. Six years later, a breakthrough came unexpectedly.

“While getting my hair done, my hairdresser noticed a significant improvement in my scalp health. That’s when I realised I had created a successful formulation,” she said in awe at the summer camp.

This discovery led to the creation of Kihara Cosmetics’ flagship product, the Hair and Scalp Treatment Oil. The company has since expanded its product line, maintaining a commitment to developing products that are practical, affordable and effective, catering to diverse hair types and lifestyles.

Following her graduation, she continued to build her business despite challenges such as a lack of start-up capital and limited access to loans. Her aspiration to be a scientist led her to take a job as a research scientist, eventually being promoted to technical director at Bio-Tech R&D Limited working with renowned business leader and scientist, Dr. Henry Lowe.

During her tenure, she led the research and development portfolios at the company and commercialized several nutraceutical and cosmeceutical products. She also contributed to the launch of Medicanja, a medical cannabis company, applying her expertise in formulation and product development.

Beyond her entrepreneurial endeavours, Dr Watson emphasised the importance of balancing professional success with personal fulfillment. As a mother of four, a business owner and the head of a scientific institution, she advocates for a holistic approach to life.

“You do not have to sacrifice personal fulfilment for professional growth. It takes commitment, tenacity, focus, and self-belief to achieve a balanced, fulfilling life,” she told the participants in the summer camp.

She highlighted that her story is a testament to innovation driven by personal need and professional expertise.

“It serves as an inspiration to aspiring entrepreneurs, demonstrating that even small tweaks to solve everyday problems can lead to significant breakthroughs and success,” she said.

Shanna Kaye Wright Vaughn, lead, youth and education programmes at the JN Foundation, said the summer camp accomplished its intentions and Dr Watson’s story and other presenters were able to convey vital information to participants.

“We are pleased that the summer camp met its objectives. The participants were inspired by the presentations, which included entrepreneurs and financial literacy professionals. The participants gained valuable skills and knowledge from all our presenters and insightful takeaways about being entrepreneurs,” she said.

JN Scholar, Johanna Simpson was one of the participants who was most impressed by the presentation from Dr. Watson and thanked her for such an inspiring story, noting how impactful it was on her. Other participants shared that they are motivated to pursue their dreams because of Dr Watson’s story.

The JN Financial Academy summer camp provided a comprehensive understanding of the micro-to-medium business landscape, along with practical advice on implementing and scaling business ideas.

The camp’s curriculum was designed to inspire and educate young entrepreneurs, giving them the tools to become innovators and leaders in their communities. Through interactive sessions and panel discussions with outstanding entrepreneurs and industry experts, participants gained valuable insights into the world of entrepreneurship with a unique focus on science, technology, engineering and mathematics (STEM), real estate management, social enterprise and digital media.

Photo Caption: Participants from last year summer camp take a group photo with JN Foundation representatives , Dawnette Pryce-Thompson (fifth, standing from left) and Rose Miller (fourth, standing at right) as they toured the Bank of Jamaica Money Museum as part of the field trip organised by the JN Foundation.

According to the Global Entrepreneurship Monitor (GEM) 2021-2022 National Report for Jamaica, entrepreneurship is an essential driver of societal health and wealth and is also a formidable engine of economic growth. It is with this in mind that the JN Financial Academy will be hosting a two-day virtual summer camp from July 30 to 31 under the theme ‘Building the Future Entrepreneur’.

Now in its third year, Shanna Kaye Wright Vaughn, lead, youth and education programmes at the JN Foundation said the summer camp is set to combine essential financial literacy with the transformative power of entrepreneurship and is geared at stimulating the entrepreneurial spirits of young persons.

She said this year’s summer camp targeting 12-17 year-old participants, will provide a comprehensive understanding of the micro-to-medium business landscape, along with practical advice on implementing and scaling business ideas.

Mrs. Vaughn added that the camp’s curriculum is designed to inspire and educate young entrepreneurs, giving them the tools to become innovators and leaders in their communities. She said through interactive sessions and panel discussions with outstanding entrepreneurs and industry experts, participants will gain valuable insights into the world of entrepreneurship with a unique focus on science, technology, engineering and mathematics (STEM), real estate management, social enterprise and digital media.

“Participants will learn the fundamentals of financial literacy, enabling them to manage their finances effectively and make informed decisions as they venture into entrepreneurship,” she explained.

There will be two keynote sessions focusing on the importance of STEM and entrepreneurship, to be presented by Dr Charah Watson, executive director of the Scientific Research Council of Jamaica and embracing culture as a social enterprise to be shared by Randy McLaren, chief executive officer and co-Founder of Bresheh.

Carlyle Grant, managing director of Digital Danes, and Keleisha Carter, US-based real estate investor and capital raiser, both past ambassadors from the JN Group-led tertiary initiative, JN Wise Aspiring Youth Programme (JNWAY), will participate in a panel discussion focused on the importance of networking and entrepreneurship.

There will also be presentations from the Companies Office of Jamaica, Junior Achievement Jamaica and the JN Bank (Small Business Loans Division).

“The JN Financial Academy Summer Camp is committed to fostering this spirit of innovation and economic growth in Jamaica. By empowering young entrepreneurs with the knowledge and skills they need, the camp aims to contribute to the country’s development and prosperity,” said Mrs. Wright Vaughn.

She informed that the JN Financial Academy aims to empower JN members and potential members to achieve financial freedom by providing information, training, and mentorship to help them make better financial decisions.

“This opportunity to engage high school students about entrepreneurship also highlights a key point from the GEM report as the summer camp aims to promote the essential innovation required not only to exploit new opportunities, promote productivity, and create employment, but also to address some of society’s greatest challenges,” she said.

Interested persons are invited to register for the summer camp by visiting the JN Foundation website, www.jnfoundation.com or social media channels @jnfoundation.

Financial blogger and senior manager for data and analytics at The Jamaica National Group, Gillian Jackson, is cautioning borrowers to carefully read all documents when applying for a loan, as some loans may have hidden fees and charges that will not be in the best interest of the borrower.

“Not all loans are created equal. Some lenders attract their borrowers by advertising an easy process, quick turnaround time. You can get a loan in hours instead of days, but you are paying the cost somewhere else,” she pointed out.

Ms Jackson gave the advice while addressing the ‘Get Smart About Credit’ workshop, organised by the JN Foundation Financial Academy. She was presenting on the topic ‘Helping you Understand Interest Rates’.

She pointed out that sometimes these loans attract high interest rates, use the add-on method of calculating interest; contain hidden fees and charges, such as penalties for late payments; and some lenders will not permit early repayment or even penalise persons for early repayments.

“Be wary of these loans that seem too good to be true. Loans that have associated collateral, such as a house or a car, would typically have lower interest rates than loans that do not,” she informed.

She cautioned consumers that while compound interest is very beneficial when someone is investing, in the context of borrowing, it can cause outstanding loan balances to accumulate rapidly, particularly for high interest rate loans. Compound interest is the interest calculated on the outstanding principal and the interest accumulated over the previous period of a loan or deposit. This means that interest is added onto both the loan amount and interest that was added the month before!

Ms Jackson advised that loans that use a reducing balance method of calculating interest will generally be better than the add-on method, as payments would be consistently lower for the same rate of interest. She further noted that loans that have a clear monthly repayment are also good for persons who are new to debt, or do not have a good track record of repayment.

“Always ask what your interest rate is [when applying for a loan]. Remember to shop around for the best interest rates,” she said.

Ms Jackson was among three presenters who addressed the workshop. The other presenters were Tamara Wilson, acting business development officer, CRIF Information Bureau and Rose Miller, lead of the Financial Empowerment Programmes at the JN Foundation.

The JN Foundation, ‘Get Smart About Credit’ workshop series is an initiative of the newly established JN Financial Academy, which is aimed at empowering Jamaicans to achieve financial freedom by providing information, training and mentorship.

The next workshop will be held virtually December 1 at 1:00 pm. Persons who have missed out on the first sessions are invited to visit the JN Foundation website, www.jnfoundation.com to register for the upcoming workshop.

Rose Miller, lead for Financial Empowerment programmes at the JN Foundation is stressing the need for business owners and individuals to carefully prepare for the loan application process to improve their chances of accessing credit. She noted that access to credit is key to wealth creation.

“The question you must ask yourself is ‘What is the level of my indebtedness?’ Am I [already] up to my neck in debt?’” she encouraged persons to ask themselves when assessing whether to borrow.

Mrs Miller was addressing the JN Foundation workshop ‘Get Smart About Credit’, recently at the JN Group Corporate Office on Oxford Road in New Kingston. The session was also streamed to registered participants.

She advised that it is important to assess either the business or one’s ability to service the loan being sought. If after preparing a budget it is clear that this loan repayment cannot be accommodated, immediate corrective measures must be implemented and in this instance part of the preparation to access credit entails reducing the level of one’s debt.

“You can start by paying off the debt with the lowest balance first, then move on to the next lowest while paying the minimum balance on all other debts, this is the debt snowball method. This method compares with debt avalanche where the debt with the highest interest rate is tackled first while paying the minimum balance on all other debts,” she informed.

She said the other option would be to go for debt consolidation. “When you have five or six loans, you can consolidate them at one institution: what that does is give you a little fiscal space each month. But I’m going to caution you, that fiscal space that you receive, it is not to be used to get into more debt. It is a time to hunker down and try and get some stability,” she stated.

To reduce and manage debt, she also encouraged persons to cut back on expenses and seek ways to increase streams of income, for instance, by monetizing one’s skills or hobbies.

Have all the necessary documents ready

Commenting further on preparing to access credit, Mrs. Miller emphasised that persons also need to pay attention to obtaining documents which will be necessary for the loan application process.

“Ensure you have basic documents – your Tax Registration Number (TRN), your ID, proof of where you live, these things [documents] will hold up your application process,” she noted.

Turning to some factors that will determine one’s eligibility for a loan, she cited the Five C’s of Credit – character, capacity, collateral, conditions and capital – that applicants should always bear in mind when seeking to borrow.

She said one’s character can be assessed based on one’s credit history- one’s pattern of loan repayment; while capacity is adjudged based on one’s ability to repay. Capital takes into consideration funds an applicant already has, the risk the borrower is willing to take on the transaction for which they are borrowing. It could also be an amount in reserve to support continued servicing of the debt in the event of an interruption in income. Conditions of the loan take into consideration the interest rate, tenure and method of repayment of the loan, among other things.

“Collateral is anything of value, an asset that is used to secure the repayment of debt in the event of a default on the loan,” she concluded her explanation of the Five C’s of credit and once again reminded the participants that there was no way to bypassing these in the process of applying for credit.

The JN Foundation, Get Smart About Credit workshop series is an initiative of the newly established JN Financial Academy, which is aimed at empowering Jamaicans to achieve financial freedom by providing information, training and mentorship.

The next workshops will be held virtually on November 17 and December 1. Persons who may have missed the first session are invited to visit the JN Foundation website, www.jnfoundation.com  to register for the upcoming workshops.