IIC holds training workshop for Jamaican small and medium-size family businesses
Kingston, Jamaica- From October 9 to 11, 2008, the Inter-American Investment Corporation (IIC) held its first training workshop in the Caribbean on the governance of small and medium-size family businesses. The workshop was primarily funded by the Korea-IIC SME Development Trust Fund, and organized in association with the MONA School of Business of the University of the West Indies. The IIC plans to continue organizing and sponsoring this type of capacity building workshop in the Caribbean, in order to further its mission of supporting and strengthening small and medium-size businesses.
Twenty-four participants from thirteen family businesses from Jamaica attended the workshop, which was administered by two instructors selected by the IIC for their experience with issues related to the management and governance of small and medium-size family businesses.
The workshop’s goal was to offer family businesses the opportunity to learn about typical family business governance issues to boost their competitiveness and increase their chances of long-term continuity. The training workshop was divided in modules addressing the following three basic challenges faced by small and medium-size family businesses: developing a responsible and united business ownership; understanding the succession process; and preparing the next generation to ensure business successful continuity.
One of the workshop participants, Mrs. Shirley Carby, Managing Director of Carlong Publishers, felt that "this timely workshop provided me with an analytical framework and approach to understanding and resolving the family challenges that confront my family business at this time."
This initiative grows out of a commitment from the IIC Board of Executive Directors to foster suitable and sound governance practices with small and medium-size family business in Latin America and the Caribbean. In October 2007, the IIC held a similar workshop in Panama for IIC clients under the Italian Development Program sponsored by the Italian Trust Fund.
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2007, the IIC reached US$1.2 billion in assets and approved 62 transactions channeling US$470 million to SMEs in the region. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int.
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