First Union gives back

• Scholarships, school-based business programme provide opportunity for student development

First Union Financial Company, and Tyco Foods Limited, owner of the Mr Lee's brand, in collaboration with a number of other Jamaicans, including Janette Clarke, have embarked on a project to assist children between the ages of 10 and 18 who are placed in high school but have found it difficult to make the transition because of inadequate funding.

Ten students in the corporate area were selected for scholarships last year, however, the number of recipients has doubled this year, and includes students from schools in locations across the island where the company's 10 branches are found. The scholarships cover the full cost of tuition and books for the school year.

Lloyd Campbell, chief executive officer of both companies, said it was important to recognise the efforts of students who perform well under difficult conditions. He said the scholarship recipients would now have the opportunity to continue their educational pursuits.

Key criteria

"The key criteria are that beneficiaries must be self-motivated, demonstrate a strong hunger for learning and, at the time of selection, are experiencing a lack of education-related resources. They must be generally attaining an 80 per cent average in core subjects and be registered in a secondary school. The scholarships are subject to an annual extension, depending on the students' performance," Campbell said.

"We ask each branch to get in touch with the guidance counsellors and principals of these schools to recommend students that have the potential but not the financial backing," Campbell added.

As part of its corporate commitment, First Union Financial Company has also embarked on a business incubator programme at the Papine High School. The project is to be launched at the beginning of the 2011-2012 school year, by participating students, teachers and community members.

"We sent proposals to two schools but (only) one decided to respond to us; that is Papine High School. We have spoken to the principal regarding setting up a business for students, run by students. It's not necessarily about the money that will be made or lost but it is about giving the students an opportunity to have some real-world experience," Campbell said.

Pilot programme

The students were given the option to decide on the type of business they were interested in, and they chose chicken farming. For the pilot programme, First Union Financial Company will be injecting $500,000. However, in case of an emergency, for example, a natural disaster, the company will provide a ceiling of up to a $1 million dollars.

"They believe that there is an immediate market in and around their school environment for chickens and they would want to capitalise on the opportunity. Their first sets of customers will be their school canteen, teachers, parents and the wider Papine community. At the end of the programme, the students will receive a certificate, and, if a profit is made from the business venture, each student will receive a stipend," Campbell said.

"It's First Union being a good corporate citizen, giving back something. We would rather teach a man to fish than to give fish all the time. When these students graduate from this programme, it should be there for another set of students," he added.