Mr. Morin Seymour
CEO
Kingston
Restoration Company

The growth of an effective and efficiently run micro-finance entity, Micro Enterprise Financing Limited, is the realization of turning a great strategy into great performance. This is so as during the implementation of the British Government funded Jamaica Urban Poverty Project 1997 - 2002, KRC was advised to develop a strategy for strengthening financial intermediation for the urban poor.

We were further advised that the micro enterprise programme of KRC should actively seek to develop a system of financial intermediation that can draw on the strengths of existing systems while at the same time provide for greater outreach for the urban poor through the provision of securing good quality service. It further recommended that the intermediation be run on a proper cost recovery basis.

KRC's partnership with CIDA and BNSJ has resulted in the realization of the above goals. For example, as at the end of fiscal year 2006 the programme had loaned greater than J$127 million and had disbursed 3,614 loans. More importantly, 76% of all loans disbursed were granted to women and the goal of cost recovery was met in form and substance by a 96% repayment rate. Of greater importance, however, is our impact on the number of dependent children of our clients now numbering five and a half thousand.

Lastly, the build up of savings by our clients has been outstanding as it provides future lump sums for multiple livelihood purposes including family health and protection. This rich experience demonstrates the importance of collaborated thinking in tackling intractable problems such as urban/rural poverty.CIDA, BNSJ and KRC ought to be jointly proud of this great effort.

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