Gov’t allocates $540 million to assist MSMEs
The Government has allocated $540 million in the upcoming fiscal year for the Access to Finance for Micro, Small and Medium-Sized Enterprise (MSME) project.
This project is geared at improving the availability of financing for MSMEs and is being implemented in partnership with the International Bank for Reconstruction and Development and funding agency, the Development Bank of Jamaica (DBJ).
Details are provided in the 2020/21 Estimates of Expenditure, now before the House of Representatives.
The targets for the 2020/21 fiscal year are to issue 358 guaranteed loans through the Development Bank of Jamaica’s Credit Enhancement Facility Loan Guarantee Fund; assist two SMEs to get access to risk capital through private equity funding under the SME fund to be established and establish an SME fund to provide private equity to SMEs operating in Jamaica.
Another target is to establish an interactive technology platform that will automate the process of issuing and approving technical assistance in the form of grants to MSMEs.
A notable achievement of the project up to December 2019 was 387 MSMEs issued with guaranteed loans through the DBJ’s CEF Loan Guarantee Fund.
- JIS News
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