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Development Bank to roll out new 24-hour loan financing option for MSMEs

Published:Monday | November 13, 2017 | 10:24 AM

The Development Bank of Jamaica (DBJ) says it will be rolling out a new financing option for micro-, small- and medium-sized enterprises (MSMEs) that will provide capital to prospective applicants within 24 hours.

DBJ Managing Director Milverton Reynolds says under this option, MSME's will be able to access up to $6.25 million within 24 hours and the development bank will stand guarantee for up to 80 per cent of the loan amount.

The new loan option which will be called 'Go-24' will be disbursed through approved financial institutions.

Meanwhile, Reynolds says during the 2016/17 fiscal year, the DBJ disbursed $6.4 billion in loans to MSMEs.

At the same time, it enabled some 375 small businesses to access $3.6 billion in loans, providing some $1.6 billion in guarantee.

The DBJ managing director says the bank is currently conducting research on asset-based financing to assist MSMEs to access cash using their assets.