Kingston, Jamaica: Wednesday, September 15, 2021
Minister of Finance and the Public Service, Dr. Nigel Clarke today launched the Development Bank of Jamaica (“DBJ”) component of the Social and Economic Recovery and Vaccine (“SERVE”) Jamaica Programme, which will provide J$3 billion to support Micro, Small and Medium-sized Enterprises (“MSMEs”) affected by the COVID-19 pandemic. The DBJ Serve Jamaica Programme is a collaboration between the Ministry of Finance and the Public Service and the DBJ.
While speaking at the launch, Minister Clarke noted that through SERVE Jamaica Programme, the DBJ will offer J$1billion in MSME Go-Digital Loans to support MSMEs’ investment in software and digital technologies that increase their resilience in the COVID-19 environment. In addition, there will be J$2 billion in MSME Recovery Loans that support MSMEs with working capital support, refinancing of loans, and expansion credit as they recover from the impact of the COVID-19 pandemic.
Minister Clarke said, “MSMEs are the backbone of the economy; our economic recovery becomes more robust and resilient, and our economy becomes more efficient when our MSMEs integrate digital solutions in their business processes and make strategic investments in projects that enhance their recovery from the COVID-19 pandemic.”
Under the DBJ Go-Digital Facility, MSMEs can access up to J$800,000 in 2% interest loans (fixed on the reducing balance) with a tenure of up to 3 years to be used to enhance their digital capabilities. The use of the loan funds can include investments in software and hardware that enable digital transformation, cyber security, and digital productivity tools and business solutions.
Additionally, in supporting recovery efforts from the COVID-19 pandemic, MSMEs are eligible for up to J$10M, in 5% interest loans (fixed on the reducing balance) with a tenure of up to 8 years under the DBJ MSME Recovery Loan Facility. This loan facility can support the reduction
of the debt service burden for MSMEs or the investment in capital projects that enable MSMEs to expand or pivot to take on new opportunities.
Minister Clarke said, “the MSME Recovery Loan facility is designed to help MSMEs refinance, get breathing space and recover from the impact of the COVID-19 pandemic.”
Both loan facilities can also be used in conjunction with the DBJ Voucher for Technical Assistance Grant of up to J$300,000 for smaller MSMEs towards the cost of other services such as business advisory services, business intelligence software, and electronic marketing.
Minister Clarke acknowledged the role of microcredit institutions, credit unions, and banks in supporting this initiative and encouraged MSMEs to take advantage of these products as they will be “more accessible, more competitive and more productive,” thus catalysing growth in the Jamaican economy.
For further information on the DBJ SERVE Programme and the Go-Digital and MSME Recovery Loan Facilities, please visit: www.dbjserve.com.
For further information contact:
Corporate Communication & Public Relations Branch
Ministry of Finance and the Public Service
30 National Heroes Circle
Tel: (876) 932-4656/4660/4655
Contact: Shelly-Ann Weeks/ Daniel Passley