DBJ Unveils $2b ‘Orbit’ Loan Facility to Boost MSMES in Key Growth Sectors

Entrepreneurs engaged in manufacturing, health, agriculture, and the creative industries now have access to up to $30 million in collateral-free financing through the Development Bank of Jamaica (DBJ) ORBIT Loan Programme.

Managing Director, Dr. David Lowe, says the $2-billion financing product, launched this week, was developed in collaboration with the Private Sector Organisation of Jamaica (PSOJ), the Jamaica Manufacturers and Exporters Association (JMEA), the Small Business Association of Jamaica (SBAJ), and other key stakeholders.

The facility was developed in response to productivity and growth scalability challenges within Jamaica’s business landscape.

Dr. Lowe was speaking during Thursday’s (September 11) PSOJ/Inter-American Development Bank (IDB) Empower JA Forum at The Jamaica Pegasus hotel in New Kingston.

He explained that under the ORBIT facility, eligible beneficiaries may access loans at eight per cent interest rate through DBJ-approved financial institutions.

The Managing Director noted that the loans will carry a 10-year repayment period – double the duration typically offered by most financial institutions.

“We are offering collateral through our Credit Enhancement Fund (CEF), which allows up to 90 per cent of the amount that you’re approved to borrow to be secured by our facility, to de-risk the opportunity for you to scale, produce, and export,” Dr. Lowe further informed.

He reaffirmed the DBJ’s commitment to MSMEs, emphasising that the Bank continues to engage with entrepreneurs and respond to their concerns.

ORBIT loans may be accessed through DBJ-approved financial institutions, including Jamaica National (JN), Jamaica Money Market Brokers (JMMB), National Commercial Bank (NCB), and First Global Bank.

To qualify, businesses must operate within one of four priority sectors –Manufacturing, Agro-processing, Health, or the Creative Industries, earn less than $425 million in annual revenue, and demonstrate potential for expansion into new markets.

Recipients are required to allocate at least 60 per cent of the loan towards the purchase of equipment or machinery to be used in their business operations.

Meanwhile, Dr. Lowe highlighted the prospects for two of the targeted subsectors, describing the creative industry as “an underserved part of our economy with tremendous opportunity” and pointing to “a huge opportunity for health tourism” as a potential growth area for Jamaica.