JIS News

Story Highlights

  • ​As of next month, the Development Bank of Jamaica (DBJ) will be providing a voucher for technical assistance.
  • Dr. Phillips explained that this is an electronic voucher issued by financial institutions and redeemed by SMEs at Business Development Organisations (BDOs).
  • ​Vouchers can be used for business plan preparation, business process improvement, financial management, mentorship and coaching.

​As of next month, the Development Bank of Jamaica (DBJ) will be providing a voucher for technical assistance to Small and Medium Enterprises (SMEs) which qualify.

Minister of Finance and Planning, Dr. the Hon. Peter Phillips explained that this is an electronic voucher issued by financial institutions and redeemed by SMEs at Business Development Organisations (BDOs).

​The vouchers will assist these enterprises with attaining capacity development services with the aim of improving their chances of accessing credit.

“The DBJ will finance 70 per cent of the cost of the services with vouchers of values ranging from $100,000 to $300,000, to be accessed by up to 85 SMEs,” Dr. Phillips said.

​Vouchers can be used for business plan preparation, business process improvement, financial management, mentorship and coaching, and the preparation of financial statements, strategic plans, and marketing plans.

He made the disclosure as he opened the 2014/15 Budget debate in the House of Representatives on Thursday, April 17.

The Finance Minister noted that the voucher system is currently being developed and technical agreements are being signed with participating business developmentorganisations, and financial institutions.

Meanwhile, for the fiscal year 2013/14 the DBJ approved loans totaling $8.2 billion, which supported investment of $15 billion with potential for over 4,000 new jobs.

“What is also significant is that the DBJ set a target of $2 billion for the MicroSmall and Medium Enterprises (MSME) sector and I am pleased to report that by the end of the last fiscal year it surpassed the target by some $288 million, which included some9,642 loans to the micro sector,” Dr. Phillips informed.

​In support of the government’s growth agenda for the fiscal year 2014/15 the DBJ has set a lending target of $9 billion with some $3 billion specifically for the Micro Small and Medium Enterprises sector.