Micro, small and medium-size enterprises (MSMEs) are being encouraged to utilise the variety of business support services offered under the Development Bank of Jamaica (DBJ) Voucher for Technical Assistance (VTA) programme.
“Persons are able to access grant funding, where DBJ pays up to 70 per cent of the cost,” said General Manager, Loan Origination and Portfolio Management at the DBJ, Edison Galbraith.
“We have caps for each level, where if persons need a business plan to be done to improve their business, they can actually go on our website http://www.dbjvoucher.com, subscribe, apply for that voucher and receive that support,” he noted further.
Mr. Galbraith was speaking recently on the Jamaica Information Service (JIS) ‘Issues and Answers’ television programme.
Under the VTA, MSMEs that operate in the productive sectors may receive vouchers, in various denominations, to be used to access business support services provided by accredited business development organisations.
Entrepreneurs who operate businesses in the traditional industries, as well as those operating in emerging sectors, qualify for assistance under the programme.
The traditional areas include agriculture, agro-processing, tourism, energy, manufacturing, mining, and services, while emerging industries include animation and information technology (IT).
Mr. Galbraith explained that funding for the MSMEs is dependent on the service required.
“The cap is about $500,000 (from a minimum of $100,000). So, small businesses are able to get financial statements prepared, they are able to get accounting software, mentorship and patents done,” he pointed out.
“It is not only for those who are seeking loan financing. If you have a small business and you simply want to improve your operations, then you can access that voucher at the DBJ,” he added.
The DBJ has, so far, approved more than 800 such vouchers under the VTA programme.