The Development Bank of Jamaica (DBJ): Providing access to financing
The World Bank Access to Finance Project (A2F) is a US$15 million-dollar project that is being executed over a period of 5 years from January 2018 to January 2023, with the objective of improving access to finance for micro, small and medium enterprises (MSMEs) in Jamaica.
The project is being implemented by the Development Bank of Jamaica under a partnership between the Government of Jamaica and the World Bank.
There are 4 components geared towards the development of financial instruments/products that will support the MSME ecosystem.
Generally, the DBJ is focused on delivering:
by ensuring that low-cost funds, in the form of business loans for projects and working capital, are available to all viable enterprises at all levels across the business spectrum – in the productive, creative, distribution, and trade sectors.
This takes place through:
- The Credit Enhancement Facility (a partial guarantee programme for businesses that have no, or insufficient, collateral)
- Regular loans (for MSMEs)
The DBJ does not lend funds directly to individual or businesses. Instead, the Bank’s funds are channelled through a network of Approved Financial Institutions (AFI) and Micro Finance Institutions (MFI).
Increasing demand for development finance by strengthening the capacity of MSMEs to borrow, invest and expand. This is provided through several grant programmes that include:
- The Voucher for Technical Assistance
- Go-Digital Voucher
- Innovation Grant
- Innovation Grant from New Ideas to Entrepreneurship (IGNITE)
- The SIDECAR Fund
- The Energy Audit Grant
- The Jamaica Business Fund
The development and implementation of a viable and sustainable venture capital and private equity industry in Jamaica to provide access to long-term, patient financing required by high potential small and medium-sized enterprises and innovative start-ups, for sustained growth and development.