Finance Minister Launches 3 new DBJ Products for SME

October 30, 2015

 

 

 

Pleased with a robust turnout and the good mood of everyone, Minister of Finance and Planning Dr. the Hon. Peter Phillips (centre), the Development Bank of Jamaica’s Chairman Joseph M. Matalon (right) and Managing Director Milverton Reynolds brought high spirits to the launch of three products to help micro, small and medium-sized enterprises: the Credit Enhancement Facility, a partial guarantee programme; an innovation grant, IGNITE; and the Voucher for Technical Assistance, at the Knutsford Court Hotel on October 21.

Minister of Finance and Planning Dr. the Hon. Peter Phillips launched a new DBJ project and re-launched two others for micro, small and medium-sized enterprises in October.

These DBJ projects are designed to bring business capacity and funding support to MSMEs. The Innovation Grant from New Ideas to Entrepreneurship (IGNITE) will fund new and innovative business ideas, the Credit Enhancement Facility (CEF) offers partial guarantees to lenders so MSMEs can get financing, and the Voucher for Technical Assistance (VTA) gives entrepreneurs access to technical services. The CEF and the VTA are existing programmes that have been revamped.

Access to affordable capital and poor technical structures limit many small businesses. The three DBJ projects are to help overcome these obstacles to growth. They are part of a larger business ecosystem that the DBJ is making more user friendly in its mission to facilitate growth and development.

“We are doing this in a deliberate and targeted way by offering incentives to businesses and collaborating with Approved Financial Institutions to respond to the needs of entrepreneurs in the SME sector,” says Managing Director Milverton Reynolds. “And, so far, we have seen tremendous success from our collaboration.”

The IGNITE project is DBJ’s newest option for start-ups, supporting development and commercialization of their innovations. The CEF addresses the recurring challenge of inadequate collateral for many businesses in Jamaica. The VTA helps MSMEs build capacity so they can expand and improve their access to financing.

 

 

 

 

Re-posted from: http://www.dbankjm.com/files/Finance_Minister_launches_3_new_DBJ_products_for_SME.pdf

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