200 New Businesses Get Support from DBJ

Photo: JIS Photographer Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Daryl Vaz.

Story Highlights

  • Two hundred new businesses are to benefit from $26 billion in support by the Development Bank of Jamaica (DBJ) this fiscal year.
  • This was disclosed by Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Daryl Vaz, who said this support is in addition to an anticipated $7 billion in loan approvals.
  • He noted that the DBJ is also expected to impact 810 micro, small and medium-sized enterprises (MSMEs) through capacity development initiatives, from which 4,500 new jobs are being targeted.

Two hundred new businesses are to benefit from $26 billion in support by the Development Bank of Jamaica (DBJ) this fiscal year.

This was disclosed by Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Daryl Vaz, who said this support is in addition to an anticipated $7 billion in loan approvals.

The Minister was making his contribution to the 2017/18 Sectoral Debate in the House of Representatives on April 25.

He noted that the DBJ is also expected to impact 810 micro, small and medium-sized enterprises (MSMEs) through capacity development initiatives, from which 4,500 new jobs are being targeted.

Pointing to other actions to assist small businesses this fiscal year, the Minister noted that the Factories Corporation of Jamaica (FCJ) will be pursuing a programme of divestment of non-performing assets and optimisation of selected assets.

This, he said, would facilitate better returns on investments, while expanding the Corporation’s portfolio of rental space.

“They will seek to fulfil the directive given to dedicate 40 per cent of this newly constructed space for SMEs, especially new start-up companies,” Mr. Vaz said.

Turning to ongoing investment ventures by the Government, the Minister noted that for the past fiscal year, capital expenditure by Jamaica Promotions Corporation (JAMPRO)-facilitated investment projects was targeted to be more than US$360 million.

Of this figure, it is estimated that approximately US$257 million was achieved as at January 2017. Mr. Vaz added that this expenditure is estimated to have provided more than 10,000 jobs.

In addition, the Minister informed that 192 new businesses were created or supported through the DBJ’s programmes, and $43 million in grants was disbursed to 27 companies under its Innovation Grant from New Ideas to Entrepreneurship (IGNITE) programme.

“These were mostly MSMEs with innovative products or business models that required financing to boost their operations,” he said.

Also, Mr. Vaz noted that the EXIM Bank disbursed 835 loans totalling more than $6 billion to the productive sector.

In the meantime, the Minister informed that JAMPRO is projecting the value of investment flow for Jamaica to be some US$600 million, with the potential for creating thousands of jobs and National Export Sales value of US$1.6 billion.

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