Thu | Sep 21, 2017

Development Bank of Jamaica supporting local businesses

Published:Tuesday | September 6, 2016 | 9:00 AM

As the government agency charged with facilitating the economic growth and development of Jamaica, the Development Bank of Jamaica(DBJ) is fully resourced to assist all entrepreneurial activities - especially new and innovative businesses - with capital, collateral and capacity support.

However, many businesses, especially micro, small and medium-sized enterprises (MSME), face peculiar problems in getting started, growing and remaining sustainable in the local market. These problems include access to affordable capital and lack of technical capacity.

The DBJ is aggressively addressing these issues and has assumed a leading role in providing assistance to MSMEs to overcome these challenges.

In terms of funding, DBJ loans are available at commercial and merchant banks, credit unions, the EXIM Bank, the People's Co-operative Bank and other financial institutions. For collateral, the Credit Enhancement Facility (CEF) offers partial guarantees to lenders so that MSMEs can get financing, and for capacity development, the DBJ's Voucher for Technical Assistance gives entrepreneurs access to technical services.

"We are providing these programmes in a strategic and targeted way to respond to the needs of entrepreneurs in the MSME sector," says DBJ Managing Director Milverton Reynolds. "And, so far, it has been exceptionally successful."

Entrepreneurs in all sectors are invited to explore how the DBJ can assist them in overcoming the obstacles in achieving sustainability and growth by calling 929-4000 or 619-4000, or visiting the bank's website at www.dbankjm.com for additional information.