THE EDITOR, Sir:
Please allow me to clarify what I believe are misrepresentations made by a story carried in your Wednesday Business publication of July 17, 2013 about named IsupportJamaica.com an initiative managed by the Jamaica National Building Society Foundation.
ISupportJamaica.com is a crowd-funding initiative geared at improving access to resources for non-governmental organisations and micro entrepreneurs across Jamaica.
The crowd-funding site was developed by JN Foundation, in collaboration with JN Small Business Loans Limited (JNSBL). ISupportJamaica is a developmental programme, fully funded by JNBS. The strength of ISupportJamaica.com lies in the organisations that support its administration. The JN Foundation has extensive expertise in grant funding. JNSBL is the country's leading microfinance and small business-loans provider.
At the time, the article was published (July 17, 2013), ISupportJamaica.com only facilitated persons wishing to make donations to NGO projects. The loan component of the crowd-funding site, to be administered by JNSBL, had not yet gone 'live'. This was largely because the details of the loan component of the site were not yet finalised.
ISupportJamaica.com is not likely to use the same financial model applied to loan programmes administered by JNSBL. It is important that the model developed allows both lenders and the borrowers to benefit from their relationship with ISupportJamaica.
Although the majority of crowd-funding platforms, globally, do apply a charge, in one way or another, for their services, including platforms established strictly for grant funding, contributors to ISupportJamaica.com are not charged a fee of any kind.