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The Development Bank of Jamaica (DBJ) will be providing an additional $2 billion in loans to the micro, small and medium size enterprise (MSME) sector.
This was disclosed by Prime Minister, Hon. Bruce Golding during his contribution to the 2010/11 Budget Debate in the House of Representatives, today (April 20).
He also informed that the DBJ had previously provided $1.7 billion in special concessionary loans and this has been fully utilised and “enabled us to disburse loans to 6,663 micro small and medium size enterprises, providing employment for 9,612 persons.”
“We have introduced a Credit Enhancement Facility to insure up to 50 per cent of the loan amounts, so that borrowers whose collateral is weak can still access loans to get their businesses moving,” Mr. Golding said.
The Prime Minister also noted that the $2 billion in loans are separate from the regular lending operations of the DBJ, through which $1.2 billion was disbursed. “Of interest is the fact that of the total loans disbursed, 22 per cent went to agriculture and 33 per cent went to manufacturing and agro-processing,” Mr. Golding reported.