BIGEE Yielding Positive Results for MSMEs

The Development Bank of Jamaica (DBJ) is reporting that its Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) programme has yielded positive results within the micro, small and medium-sized enterprise (MSME) sector.

“We have seen an average increase of 25 per cent in sales for the companies that we have worked with and 15 per cent increase in employment, and they have gone on to raise an additional $100 million in additional funding to go into their businesses,” said BIGEE Programme Manager, Christopher Brown.

“So, we are seeing tangible results from the investments that we have made over the last five years,” he added, while addressing the recent media launch of the ‘Marijuata’ bottled water at Spike Industries Limited’s Winward Road manufacturing plant in Kingston.

A flagship initiative of the DBJ, BIGEE is aimed at empowering MSMEs and promoting innovation in Jamaica.

The five-year programme, which commenced in September 2020, is funded through a US$25-million loan from the Inter-American Development Bank (IDB) and a US$8.2-million grant from the European Union (EU).

The objective is to strengthen Jamaica’s entrepreneurial ecosystem and support MSMEs through funding, technical assistance, and mentorship.

Of the IDB loan of US$25 million, US$18.3 million has been invested in entrepreneurial enterprises, to date, with US$5.1 million dedicated to the innovation and growth of established MSMEs; US$7.9 million for scalable start-ups; US$3.2 for high-potential start-ups; and US$2.1 million in building out a framework to support MSMEs.

Of the US$8.2-million grant, US$2.4 million has been invested in entrepreneurial enterprises, with US$1.6 million for innovation and growth of established MSMEs; US$0.5 million for scalable start-ups; and US$0.3 million for high-potential start-ups.

Under BIGEE, the DBJ has created a Venture Capital Fund and an Angel Fund to provide additional funding options for entrepreneurs.

Approximately US$4.9 million has been allocated to the Venture Capital Fund and US$2 million to the Angel Fund.

“We are diversifying the landscape of financing, not just traditional debt where you have to go to the bank to borrow money but other ways of getting financing into your businesses,” Mr. Brown said.

Noting the importance of BIGEE, the Programme Manager said that “innovation should not be the privilege of a few. It should be an opportunity for many. We empower our youth, our entrepreneurs, and our institutions to innovate. The effects will multiply, not just economically but socially and globally”.

Initially scheduled to conclude in March 2025, Phase I of the BIGEE Programme has been extended to September 2026.