Minister of Finance & The Public Services Hon. announced recently that the Development Bank of Jamaica (DBJ) will make J$1 billion available to support micro and small businesses. He said that this had become necessary due to the challenges – related to the provision of collateral for loan applications – which businesses operating in these sectors are experiencing.
Minister Shaw said “it is a concern of Government. Not the unavailability of money, but the inability of those who would like to get the money to be able to get it. There are some windows that are open, and the Development Bank of Jamaica has decided to make more resources available to the micro and small business sector. In fact, the Cabinet recently signed off on a programme (where) $1billion will be made available.”
He also urged micro and small business stakeholders to engage the International Finance Corporation (IFC) of the World Bank, in discussions regarding sourcing assistance for their operations. Arising out of recent talks that Minister Shaw had with World Bank principals, he indicated that the World Bank was keen on working with the small business and micro-finance sectors in Jamaica. He said that the institution was cognizant of the key role which the sector and organizations, such as the newly launched Jamaica Microfinancing Association (JaMFA), play in driving Jamaica’s economy. So keen are they, that they accepted his invitation to establish an office of the IFC in Jamaica, and that actually happened in September of this year.
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