Growth & Jobs | Couple carries on legacy of entrepreneurism

THE SPIRIT of entrepreneurship, which is so pronounced in the lives of Godfrey and Merlene Coley, was fuelled by the experiences they had gained while growing up in households where their parents ran both a grocery shop and a farm. From a young age, they had spent countless hours helping out in the family businesses, absorbing the knowledge and skills needed to run them successfully.

Godfrey and Merlene Coley, 64 and 57 years old, respectively, are a dynamic couple residing in Banana Ground, Manchester, who have been proudly carrying on the legacy of their parents. They have been successfully operating a grocery shop and a few farms in the community.

Following the passing of his parents, Godfrey established his own grocery shop, along with a cooking gas distribution business, 25 years ago at the same location where his parents’ shop once occupied.

“I decided to continue the business because there were not many shops in the community at the time, and people would come from far to come to the shop,” explained Godfrey, pointing out that his paternal grandmother was also a shopkeeper.

Ten years into the operation, the Coleys obtained a loan from JN Small Business Loans, now JN Bank Small Business Loans – a division of JN Bank – to purchase stock. Being pleased with the progress that the businesses made with the loan, they subsequently took out several other loans to further expand the businesses, along with increasing the quantity and variety of crops on the farm.

Today, the Coleys own and operate four farms in the community where they cultivate a variety of crops, including yams, dasheen, Irish potatoes, cabbage and tomatoes. The yams are supplied to an exporter, while the other crops are sold to vendors in the Mandeville Market. One of the farms is located in the vicinity of the shop, while the other three are one and two miles away from the business. They employ up to seven persons on the farms.

By 6:30 each morning, seven days per week, Merlene gets on her donkey and heads out to the farms located farther away, while her husband operates the shop and oversees the cooking gas business and the farm next to the shop.

“I do everything on the farm. I weed, spray, plant yam, and dig yam. It’s a lot of work, but I enjoy it,” she said.

Merlene pointed out that although her three adult sons are not engaged in the businesses now, she was intentional about getting their involvement when they were much younger and even gave them their own plot of land to farm, so they could learn the value of work and the importance of being diligent.

Recognising the need to diversify their income stream and seize new opportunities, the Coleys also ventured into animal farming and chicken rearing.

Merlene explained the decision to operate more than one business.

“If you lose off one, you gain on the other and bounce back. You can’t put all your eggs in one basket,” she said.

Her husband, who credits the loans they have received from JN for the success of the businesses, pointed out that he always ensured that he honours the terms of the loans.

“I always pay before time or on time,” he disclosed.

Delroy Foster, head of regional credit sales and operations at the JN Bank Small Business Loans Division, pointed out that small business loans often become a game changer for entrepreneurs.

“I have witnessed firsthand the transformative impact these loans can have on small businesses. They provide the necessary fuel to expand operations and reach new horizons.”

He emphasised that entrepreneurs should always exercise prudence when it comes to business loans, to ensure that maximum benefits are realised.

“Effectively managing these loans ensures that the business continues on a path of success,” he advised.

Foster, who has had 20 years of experience in small business loan operations, shared the following tips on loan management with entrepreneurs:

* Identify the specific purpose for which you require the loan, whether it is for working capital, equipment purchase, expansion, or any other investment, and how they will contribute to the growth and success of your business. This will not only help you determine the loan amount you need, but also enable you to communicate your plans effectively to the loans officer.

* Create a budget that incorporates the loan repayment into your financial plan. Keep a close eye on cash flow, ensuring that loan payments can be comfortably met without compromising essential business operations.

* Communicate with your loans officer should an unforeseen circumstance arise, that may affect you honouring your loan payment. Be transparent and engage in open dialogue to explore potential solutions. Many loan providers are willing to work with entrepreneurs, providing flexibility and support during challenging times.

According to JN Bank Small Business Loans Division, 28 per cent of loans disbursed to clients in the past year are in the distribution business, while 21 per cent are in agriculture.