DBJ Issues Call for Proposals for two SME Fund Managers

The Development Bank of Jamaica (DBJ) has issued a Call for Proposals (CFP) for two qualified applicants to manage funds available for small and medium enterprises (SMEs) under the SERVE Programme. The CFP, which closes on January 12, 2022, will recruit managers for SME Funds that will provide risk capital financing to local businesses with high growth potential, many of which may have been affected by the Covid-19 pandemic.

Eligible applicants with an interest in providing these services may submit their proposals in the required format, and provide information demonstrating that they have the required qualifications and relevant experience to establish and manage the proposed SME funds. The proposal should be submitted to the DBJ by Wednesday, January 12, 2022, at 3 p.m. Applicants must be local or international Fund Managers properly registered in the country of origin and operation and licensed and operating in accordance with relevant regulations.

The SME Fund Managers that will be selected will be required to demonstrate proven expertise in working with and creating value for SMEs. “Our Call for Proposals seeks to also identify fund managers with the capacity to mobilise funding from private capital investors”, says DBJ Managing Director Milverton Reynolds. “We invite qualified fund managers to participate and be a part of this opportunity to accelerate the sustainable growth of Jamaican SMEs through equity capital.”

Upon selection, the SME Fund Managers are expected to raise capital of at least twice the value of the $2 billion invested by the DBJ – $4 billion, which, combined, represents some $6 billion in private equity available for investments in SMEs. The Government of Jamaica, in recognising that the private equity markets play a key role in providing financing and other support to businesses, seeks to collaborate with eligible private capital fund managers to provide smart financing to SMEs. This is being supported by the SERVE Programme, which was launched in September by the DBJ and Ministry of Finance and the Public Service.

The DBJ is a wholly owned Government institution that provides development financing, capacity building, public private partnership and privatisation solutions in keeping with Government policy.