Speaking in the House of Representatives yesterday, Prime Minister Bruce Golding announced that the Government will soon be seeking $500 million in loans to on-lend to the small and micro business sector, in order to give added lift to budding entrepreneurs who need assistance in hurdling financial roadblocks. According to PM Golding, too many people were prevented from becoming successful because they could not source start-up capital.
According to PM Golding, “We face a problem that we are not able to match good ideas with collateral. Very often, people come forward, they have good ideas, they are well-intentioned, (but) they lack the collateral and very often they are excluded from credit financing.”
The news of the Government’s plans coincided with the retroactive approval of a $150-million loan guarantee from the Development Bank of Jamaica (DBJ) to the Jamaica Business Development Corporation. The loan is repayable over seven years and attracts annual interest of seven per cent; the funds have been on-lent to micro and small-business operators at 10 per cent per annum.
October 6th, 2010 at 9:21 pm
When this will be available to the public and what is the maximum amount that i can acess as start up capital