DBJ Continues to Empower Local Businesses Through Diverse Lending Programmes

The Development Bank of Jamaica (DBJ) continues to make significant strides in empowering local businesses and entrepreneurs to develop and thrive through its diverse lending programmes.

General Manager for Channels, Relationships, and Marketing at the DBJ, Edison Galbraith, informed a Jamaica Information Service (JIS) Think Tank, on September 17, that the Bank’s products are aimed at providing inclusive financial solutions that lead to sustainable growth.

“The DBJ’s core mission is to make capital more accessible to every Jamaican entrepreneur, regardless of the size or stage of their business, or their stage in the business life cycle, complemented by our capacity-building and collateral support initiatives. This inclusive approach has enabled us to provide over $90 billion in loans to more than 130,000 businesses, supporting $160 billion in investments and the creation of over 50,000 new jobs across multiple sectors,” he said.

Mr. Galbraith noted, further, that more than 70 per cent of the DBJ’s lending, amounting to some $64 billion, has been directed towards micro, small, and medium-sized enterprises (MSMEs), adding that the DBJ’s strategy is deeply rooted in its partnerships with financial institutions.

“At present, our network of lenders comprises 28 approved financial institutions (AFIs) and 11 microfinance institutions (MFIs), which include commercial banks, credit unions, microcredit and other financial institutions. By accrediting and collaborating with these AFIs and MFIs, we not only enhance their appetite and capacity to provide loans to businesses in our targeted sectors, but we also leverage their islandwide reach and network,” Mr. Galbraith explained.

The Credit Enhancement Facility (CEF) further supports these partnerships by providing guarantees that reduce the risk for lenders, thereby expanding access to credit for MSMEs.

“Together, these initiatives have had a transformative impact on the financial landscape for MSMEs in Jamaica, enabling more businesses to secure the financing needed to grow and succeed,” said Mr. Galbraith.

The DBJ offers a comprehensive range of loan products tailored to meet the diverse needs of Jamaican businesses.

Among these is the recently introduced Tradesperson Ownership Opportunity Loan (TOOL) Programme, which provides loans of up to $500,000 at an attractive interest rate of 9 per cent, to assist tradespersons in acquiring essential tools and equipment.

“The TOOL helps bridge the gap for a group of Jamaican entrepreneurs who face challenges in accessing funds for essential equipment, enhancing their business capabilities and opportunities for growth,” Mr. Galbraith noted.

Other notable loan products include general MSME loans for business expansion, Energy Loans for renewable energy and energy efficiency projects, and Agriculture Loans to support farmers and agro-processors.

To date, the DBJ has provided more than $4 billion in energy loans and $10 billion in agriculture loans, significantly contributing to sustainable development and food security in Jamaica.

“As we look to the future, our goal is to expand our reach even further, particularly in unlocking underserved markets and sectors. We aim to strengthen our relationships with existing partners, while forging new partnerships that align with our mission of fostering inclusive economic growth and sustainable development,” Mr. Galbraith said.