Approved Microfinance Partners
The DBJ, in acknowledging the contribution of micro entrepreneurs and the important role that they play in the development of the Jamaican economy, established a Micro Finance Window in 2009, through which wholesale funding was provided to Micro Finance Institutions (MFI) for on-lending to micro businesses.
Since then, over $100 billion has been made available to MFIs – whose numbers have fluctuated from a high of 13 to a low of seven – which, as is the case with AFIs, have oversight responsibilities for:
- Evaluating the financial strength and creditworthiness of project promoters and determine its willingness to extend the requested credit.
- Establishing the terms, maturity and security/collateral requirements to satisfy its credit determination.
- Providing regular supervision of the project through site visits.
- Managing the loan account and liaising with the client.