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Hundreds of jobs created from $4b in loans to small businesses - Development Bank

Published:Friday | December 9, 2016 | 12:44 AM
Development Bank of Jamaica building, Oxford Road, New Kingston. - File

The Development Bank of Jamaica (DBJ) says over $4 billion in loans provided to micro- small- and medium-sized enterprises (MSMEs) resulted in the creation of almost 3,000 jobs during the 2014/2015 financial year.

The data is contained in the latest annual report from the DBJ that was tabled this week in the House of Representatives.

According to the DBJ, it had an ambitious loan target of $3 billion for the MSME sector for 2014/2015.

It says it delivered just over 9,000 MSME loans valued at 4.3 billion.

That is close to half of what was targeted.

The DBJ says the loans unlocked $15.7 billion worth of investments and 3,639 new jobs in the MSME sector.

Meanwhile, the DBJ reports that total micro loans approved amounted to $911 million, the largest volume of micro loans extended in any one year since inception of the activity in 2009.