Protect yourself and others around you by knowing the facts and taking appropriate precautions. Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus. Most people who fall sick with COVID-19 will experience mild to moderate symptoms and recover without special treatment. How It Spreads The virus that causes COVID-19 is mainly transmitted through droplets generated when an infected person coughs, sneezes, or exhales. These droplets are too heavy to hang in the air, and quickly fall on floors or surfaces. You can be infected by breathing in the virus if you are within close proximity of someone who has COVID-19, or by touching a contaminated surface and then your eyes, nose or mouth. How to Protect Yourself • Clean your hands often. Use soap and water, or an alcohol-based hand rub. • Maintain a safe distance from anyone who is coughing or sneezing. • Wear a mask when physical distancing is not possible. • Don’t touch your eyes, nose or mouth. • Cover your nose and mouth with your bent elbow or a tissue when you cough or sneeze. • Stay home if you feel unwell. • If you have a fever, cough and difficulty breathing, seek medical attention. 2
• Calling in advance allows your healthcare provider to quickly direct you to the right health facility. This protects you, and prevents the spread of viruses and other infections. As we continue our Foundation’s mission to promote the development of our youth, in particular disadvantaged children and young people in primary, secondary and tertiary schools through education, once again we were happy to assist through scholarships and bursaries.
Wearing Of Masks Masks can help prevent the spread of the virus from the person wearing the mask to others. Masks alone do not protect against COVID-19, and should be combined with physical distancing and hand hygiene. Follow the advice provided by your local health authority.
A total of $1.7M was awarded to 37 students for Scholarships, Bursaries and Grants, namely our Primary Exit Profile, (PEP) Oswald Thorbourne and Renald Mason Scholarships. We are very proud of our Youth Savers as they advance with their education.
Remember to follow advice from the Ministry of Health.
SOME OF OUR RECIPIENTS
MEMBER UPDATE CORNER When was the last time you updated your records at the Credit Union? • Is your address correct? • Is your telephone number correct? • Is your beneficiary information up to date? Did you know you can have more than one beneficiary on your account? 3
Most Credit Unions including FHC held later than usual AGM’s this year due to the effects of the COVID-19 pandemic. Nevertheless we were able to host a successful meeting to highlight the credit unions performance for the year 2019. This financial year saw FHC delivering solid business results as we continue to refine our business model in an effort to be the financial institution of choice for our Members and Team Members, Our dedicated and experienced team responded well to the changing needs of our Members as well as the dynamic market conditions. We were again able to achieve sound results as we continued to focus on core business growth, rooted in our intention to enable our Members to realize their financial goals. We were proud to report a Net Surplus for 2019 of $273.44 million representing an increase of 13.22% over 2018. This outstanding performance was accomplished through the consistent execution of our strategies by our committed and dedicated team members and as well as our Members who remained loyal to us. During the year we were able to maintain an inflow of loans as our loan disbursements totaled $4.74 billion. Our strategic priorities and the purposeful execution continue to be the guide for our continued success. Our Member-At-TheCentre philosophy inspired us to be deeply focused on our Members’ financial well-being through strategies that provide for easy and convenient access to tailored products and services and the provision of exceptional service. This was bolstered by strategies focused on people development, a strong risk culture and continuous pursuit of operational efficiency. These are the pillars which are our focus areas and have driven the success to date and we believe will continue to generate value in the long-term.
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What is a Moratorium on a loan? Moratorium period refers to the period of time during which you do not have to pay on the loan taken. This period is also known as a payment holiday. Usually, such breaks are offered to help individuals facing temporary financial difficulties to plan their finances better or may be used as a feature on a loan promotion.
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What is Revenue? Revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers. Revenue is also referred to as sales or turnover. Some companies receive revenue from interest or other fees charged.
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What is Debt Consolidation? Debt consolidation means combining more than one debt obligation into a new loan with a favourable term structure such as lower interest rate structure, tenure, etc. The amount received from the new loan is used to pay off other debts.
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Who is a Beneficiary? A beneficiary on a bank account is a person that has no control over the account and no ownership of the account while the account owner is alive, but is designated by the account to own the account upon the owners’ death.
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Who is an Authorizee on a Credit Union account? A secondary signer, sometimes referred to as an “Authorizee” – is a person who has access to your credit union account without having ownership of it. Usually the account owner chooses a spouse, relative or close friend as an authorized signer. 7
BRUNSWICK FARMS - USING TECHNOLOGY TO IMPROVE FARMING IN JAMAICA The practice of farming has changed significantly over the years. Thanks to modern technology the early morning treks to the field to tend to crops has been replaced by outdoor farming monitored by GPS technology and indoor and greenhouse farms monitored by the internet of things (IOT). These farms yield far more crops in smaller, more controlled environments and is far more efficient than traditional farming processes.
watering system using grow lights. For the unlearned, vertical farming is the practice of growing produce in vertically stacked layers. The farm is owned and operated by young farmer, Marcus Sewell.
Thanks to this technology, the face of farming has also changed, while the ‘Maas Joes’ of the farming world still exists, a more tech-savvy, educated and preppy farmer is taking center-stage.
A ] Brunswick Farms uses no land space and manages resources such as light and water efficiently during the growing process.
Enter Brunswick Farms, a new farming operation located in Spanish Town, St. Catherine. Brunswick Farms is taking advantage of technology by using one of the more popular methods; vertical farming, to grow leafy green vegetables in a hydroponics, closed-loop 8
Q ] Marcus, you represent a new breed of farmers using innovative methods to grow crops, tell us about the technology you utilise on your farm?
In an indoor environment, hydroponics enables the grower to manipulate and monitor every aspect of the plants’ growth, leading to optimal food production results. “My farm takes up 59 square feet and takes 14-20 days to produce
leafy green vegetables,” boasts Mr. Sewell. “I am able to use less resources and while the LED grow lights grows the vegetable, I am using less water by reusing the water in a closed-loop irrigation system,” he shared.
again, this time with a twist. “I was doing some research on farm innovation and technology to find out what was available that was adaptable to our climate and what crops can be grown that was high value with little competition” he stated. Now he proudly boasts that most of his knowledge of tech-based farming is self-taught. “I read a lot and watch a lot of YouTube videos to understand my processes, plus I learn a lot from going on farm tour with my RADA Officer”, he disclosed.
Q ] How have you been affected by the Covid-19 pandemic? A ] While the planned roll out of the business was affected by COVID-19, Sewell has his sights set firmly on entering the gastronomy and tourism industry. “It is a big market which has a lot of opportunities for a farmer like me and now that Jamaica is open for business, I can really kick off production,” Sewell shares. In the meantime, however, he is also supplying the local market as “vegetables are not exportable,” he disclosed.
Q ] What growth and expansion opportunities do you expect with the use of technology on your farm? A ] Like any entrepreneur, Sewell dreams of expanding his business to benefit both himself as well as the local economy. “We are planning to scale the business to meet new customer demand with a specific focus on areas of farming that has less competition but high profit margins” he revealed.
Q ] What sparked your interest in farming? A ] Of course, farming is not new to Sewell but the process he now engages is. His early introduction to farming came while growing up in ‘Two Past’, a farming community in the hills of East Rural St. Andrew. “My Grand Uncle had seven acres of land on which he planted coffee, mangoes, banana, plantain, coconut and naseberry along with layers and broiler Chickens,” he shared. “Living with him for four years gave me some farming experience but my formal re-introduction came in 2015 when my sister and I planted and sold some crops,” he stated. Excited by the experience, he enrolled in a course in Aquaponics farming with an organization called INMED and also did a Produce & Food Safety course with the United States Department of Agriculture (USDA) which spurred his interest in farming
“Innovation and technology”, he says, will continue to play a major role in the growth and expansion of the farm. Q ] How did you learn about the First Heritage Entrepreneur Award? A ] His confidences was boosted when Sewell along with two other small entrepreneurs were announced as winners of the First Heritage Co-operative Credit Union Entrepreneur Awards for 2020. “I came across the FHC advertisement 9
on Instagram last year. I submitted my application and I received an email inviting me to pitch my idea in front of a panel of judges. I showed up and did just that with samples to boot, and the rest as they say is history,” he beamed. “It feels good to be a winner.”
I can collect data that will help to make decisions throughout the plant growth cycle,” he continued. Sewell also mentioned some other issues affecting the industry such as climate change, pest and disease issues and the annual hurricane season. “The good thing about the type I practice, it solves these challenges with the use of modern day technology.”
Q ] Marcus, you seem to be upping the ante when it comes to the use of technology on your farm. Share with us this breakthrough innovation, of using the internet to monitor the weather?
Q ] Food security is the latest buzz, why is it so important?
A ] “There are some real issues affecting farming which technology can address and I will be focusing on developing those areas. Right now, I am able to monitor the weather in my area and around the world using my weather station and my grow lights are automated via the internet. The next step is to get the farm connected fully through the internet so that
A ] “The agriculture industry is critical to Jamaica. Food security, especially now, should be a focus of not only the government of Jamaica but also the people of Jamaica. With everything happening with COVID-19, much more emphasis must be placed on growing and eating local so that we can build a lucrative and thriving economy,” he concluded.
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JULIE’S ESCAPE - SELF-TAUGHT DESIGNER SURVIVING AGAINST ALL ODDS As the popular saying goes; ‘when life gives you lemons, you make lemonade’ and many would add ‘pour a tall glass and drink.’ That is exactly what Pharmacist turned Jewellery Designer, Julie-Ann Lewis did. The self-taught creative refused to allow a life-threatening, rare health condition to cripple her, instead, she took her illness in stride and created Julie’s Escape in 2017. Julie’s Escape is a line of unique, distinctive and custom-made jewellery made from gemstones, lampwork beads and cultured pearls. The designs however are not limited to these special stones. The line includes; necklaces, pendants, earrings and bracelets. We had a conversation with this very talented entrepreneur to get to know her a little better: Q ] In what is seen as a very competitive industry, why Jewellery making and not something else? 11
A ] Says Julie, “Jewellery making really began accidentally but as I went deeper and began to learn some basic techniques it grew into a unique and compelling passion.” So compelling was the passion and the resulting pieces, that Julie’s Escape has managed to etch out a space in the market for jewellery designed especially for professional women searching for the balance between sensible pricing and quality design. “The purchase of jewellery is an emotional one and I’ve found that there is a trend towards unique, custom made as well as limited production items. Customers are using unique pieces as a way of creating distinction, as a statement piece in other words, to stand out from the ordinary,” she shared. Q ] How do you draw inspiration to make these unique pieces?
A ] Julie-ann, who operates from the resort town of Negril describes her pieces as playful and chic yet trendy and exquisite. “My pieces are created in a ‘happy atmosphere’. A number of the designs are borne out of experimentation; a breath-taking moment happens and I catch those moments and creativity begins to flow”, she stated. Others, she shared, are inspired by the sea, the sky, nature and the inherent beauty of the raw materials with which she works.
“My main goal is to develop a sustainable home-based company that meets all the requirements of my target market. My customers expect quality designs and quality customer service and Julie’s Escape aims to provide that,” Julie-Ann related. Among her other long-term goals are to increase sales and the sales force within one year. The University of Technology graduate is one of this year’s winner of the First Heritage Co-operative Credit Union Entrepreneur Awards.
Q ] How has the novel Covid-19 Virus affected your business?
Q ] How does it feel to be selected for this award?
A ] Like many small businesses though, Julie’s Escape suffered a setback from the onset of the coronavirus. “One of my main markets is my home town of Negril. As you know we are one of the major tourist resorts in the country. The close down of the tourism industry caused a significant drop in sales and new sales opportunities,” she disclosed. But as one who is used to setbacks, Julie has managed to turn that negative into a positive. “I’ve used the time to reflect and refocus on the direction of Julie’s Escape and have done some capacity building through sales and marketing webinars which will be good for the business.”
A ] Reacting to her win, Julie-Ann went into a reflective mode. “Winning generates strong emotional responses in us but suffice it to say, I am very proud, happy and delighted.” For her, the victory is an acknowledgement of a job well done and justifies not only her hard work but the decision to embark on this journey three years ago. “This achievement just goes to show that circumstances don’t determine who you are or who you can become. Your experiences of overcoming are catalysts of transformation that offer a choice. You can choose to persevere and open your heart to realize your fullest potential,” she resolved.
Going forward, Julie-Ann intends to incorporate digital and social media marketing as well as events marketing to propel her business forward. “Julie’s Escape is an innovative and artistic jewellery company and we will continue to add new product lines to extend the business. Very soon, a men’s line will be introduced and I also have plans for a driftwood line,” she revealed. 12
PARADISE CARE JAMAICA - PROTECTING & PRESERVING THE ENVIRONMENT, ONE PET BOTTLE AT A TIME In November 2017 when heavy rains caused unprecedented flooding in Montego Bay, resident, Noel McDonald took notice. Unfortunately, his social enterprise Paradise Care Jamaica was not yet formed; and despite a national conversation which espoused the importance of proper disposal of garbage, especially plastic, the advice went unheeded. Q ] One could say that this line of work is not glamorous, what is the story behind your business venture? A ] McDonald reflects that, thanks to that one afternoon of rain, unparalleled damage was experienced in the parish capital. When the water subsided, besides damaged roadways and flooded buildings, the failure of the drainage system exposed the city’s weakness; a post clean up analysis showed that 47% of the debris that backed up the system, consisted of plastic bottles. While McDonald admits that the 13
events didn’t spur him to act immediately, it opened his eyes to seeing what he could do to protect and preserve the environment. “I love a clean environment and the flooding incident brought the potential negative effects of our actions as a people to the forefront. That made us want to work even harder towards a larger impact. We wanted persons to see the practical, everyday impact of their actions as well as to show the potential benefits of upcycling,” he shared. And so, in 2017, Paradise Care Jamaica was born. “Paradise Care is a social enterprise that manufactures sustainable products using post-consumer recycled plastics and incentivizes persons, including students to reduce waste through upcycling,” says McDonald. Q ] Tell us a little more about the practise of ‘upcycling’ and how it relates to your business? A ]
“It is important to note that we
work with schools and other organizations. I’m an advocate for upcycling”. Upcycling simply means recycling discarded objects or materials to create a product that is of a higher quality than the original one. “I mentor schools and other organizations about the proper disposal of garbage, and the impact of plastic waste on the environment. And most importantly, how to start upcycling” he said.
tiful island; Jamaica, and Care represents the prevention of plastic pollution which results in a cleaner safer environment to live, work and create families.” Q ] Tell us a little more about the contribution you are making to help preserve the environment through your business venture? A ] “Upcycling and recycling can help in reducing the effects of plastic disposal on our environment. If we have a nationwide drive that incorporates all sectors of society, just like national programmes such as Jamaica Moves, we will be significant changes in behaviour.”
To expand its educational reach, the company is also pursuing a partnership with Wisynco Eco and Recycling Partners of Jamaica. Noting that over 600 million PET bottles are used in Jamaica annually, he pushes upcycling as a way to inspire behavioural change in his community. “We do bottle collection drives in our community to ensure that persons are practising proper disposal and our Incentive Programme adds to the attractiveness of doing the right thing,” McDonald revealed.
“We have made tremendous progress using upcycling, so much so, that if there is a power outage in my community – there I am with my bag of UsaveR lamps and my prototype shining bright in my hand going door to door.”
Q ] Tell us about your latest innovation, the U-saver Lamp?
Paradise Care Jamaica is one of the three winners of the First Heritage Co-operative Credit Union (FHC) Entrepreneur Awards for 2020.
A ] Through the upcycling programme, the company has manufactured the U-Saver Lamp, a portable, rechargeable, two-in-one lamp and power bank made almost entirely from recycled plastic bottles. Currently, the company is working on finishing its second prototype solar power U-Saver lamp and power bank as well as securing a patent for the product.
Q ] How do you feel about being selected as recipient of this award? A ] He notes that, it’s quite exciting to be a second time winner. “We won first place in the CAP Entrepreneurship Competition and with the support of the government we entered the Diamond Challenge International Entrepreneurship Competition in Delaware, USA,” he disclosed. Winning a national competition though, is like none other.”
Q ] Why the name, Paradise Care for a Recycling Company? A ] “I’m a strong believer in the double-mission of Paradise Care; that is our advocacy as well as upcycling. The name of the company is also significant in that it represents exactly what we stand for. ‘Paradise’ represents our beau14
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CYBER SECURITY TIPS As we navigate the COVID-19 pandemic, data security breaches are on the rise. We aim to help you become more aware of challenges that may exist in the digital space. Below are some Cyber Security Tips which you may find useful. • Ensure your computer Software is up to date • Use Anti-Virus Protection and Firewall • Use Strong Passwords & a Password Management Tool • Learn about Phishing Scams – be very suspicious of emails & phone calls
• Protect Your Sensitive Personal Identifiable Information (PII) • Use Your Mobile Devices Securely • Backup Your Data Regularly • Don’t Use Public Wii Fi • Review Your Online Accounts Regularly
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HOW CAN BORROWING INCREASE WEALTH? In this day of a multiplicity of same day lending companies, loan sales, loan offers, credit cards, store cards, overdrafts, hire purchase agreements, mortgages, debts, debts, debts, bailiffs, auctions,‌ Plus! COVID! Curfews, lockdowns, layoffs, pay cuts‌ debt seems like a burden most can do without! How can borrowing be a good thing? Can I get rich borrowing, or is it a pathway to long term suffering and poverty? Psst! The answer is it depends on what you use your loan to do. If it is to buy assets that increase in value or decrease in value materially lower than how quickly you pay down the loan, then your wealth will increase! We need to understand what a loan is as a concept. The formula for simple interest is:
Principal X Rate X Time = Interest Payment, (Plus the principal you will pay over time.) Principal is the amount you borrow and represents money that you now owe, which reduces your wealth immediately. Time is the period over which the debt is paid, but it also represents the other thing that you have bought: Yes, time! The eas-
iest way to understand it, is to realize that for someone who earns a salary, you could save to buy a house BUT it would take you about 15 to 25 years! (Roughly the term of a mortgage loan). Not to mention inflation, devaluation, and other factors that are likely to keep the purchase out of reach. It therefore makes more sense to take the loan to purchase the house and pay for it (save for it) through the loan payments. You also have the benefit of enjoying the asset now. Realize from this example that loans also allow you to take advantage of opportunities now that may otherwise be lost; possibly never to return. Opportunities can be measured in time. The Rate of interest is the price that you pay for that money and time, measured as a percentage of the money you borrowed 18
over time, calculated in a number of different ways. Accumulated interest increases your debt and therefore reduces your wealth, however, once it is paid your wealth is restored. The graph shows how wealth (net worth) increases over time with a mortgage loan. It starts with a mortgage of $10 Million to purchase a property valued at $10 Million. Realize, however, that most lenders expect a deposit which would also increase, or at least be a transfer of, your wealth. With this illustration after eleven years your wealth would have increased by approximately $10 Million, plus any appreciation in property value. A car, even though it depreciates, would still leave you with an asset that you never had at the beginning of the process, after the loan is paid out, increasing your wealth. This principle applies to anything with value that is maintained over time. Realize that if you borrowed to buy something that you cannot touch like a car, a television, etc., or paid an expense, your physical wealth would reduce as you would have paid off the loan but have nothing of physical value to show for it. Your wealth then may be measured in intangible things like peace of mind, good health or life! 19
TIP: The often absent discipline of savings can oftentimes be substituted with a loan. Business loans are similar, except that you add the principle of return on investment, which is simply how much money you make in pursuing the business venture after spending money to start it. If the money you make is more than the cost in interest then it suits you to borrow, regardless of the interest rate. Understanding how loans work will help you to maximize the opportunities to increase wealth, whether you are a salaried or self-employed individual, micro, small, medium or large business. Speak to your First Heritage Branch Sales Representative (BSR) or Micro Finance Officer (MFO) today, and start growing your wealth.
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