Gov’t Empowering Tradespersons Through DBJ Tool Loan Programme

The Government is empowering micro entrepreneurs like plumbers, masons and farmers through its Tradesperson Ownership Opportunity Loan (TOOL) Programme.

Under the initiative, being implemented by the Development Bank of Jamaica (DBJ), $100 million has been made available to enable local tradespersons to access financing to purchase essential tools and equipment.

The DBJ is promoting the programme through an islandwide TOOL Roadshow, where participants will have the opportunity to engage with the partnering suppliers and the microfinance institutions (MFIs) that will offer the TOOL loans.

The suppliers are Delta Supply Company, K-Ban Hardware, National Supply Company, SCL Jamaica, Rapid True Value, Total Tools and Hi-Pro, while the MFIs include EXIM Bank, LASCO Microfinance, Bull Investments, JN Bank, and Regions Financial Services.

The roadshow events got under way on Wednesday (September 11) with stops at SCL Jamaica, 16 Norman Road, Kingston; Delta Supply Company at Hagley Park Road, Kingston; and at Hi-Pro in White Marl, St. Catherine.

Acting General Manager of the DBJ, David Wan, who was at the Hi-Pro event, said that the roadshows will provide tradesmen and tradeswomen with first-hand knowledge about the financial resources at their disposal.

“By uniting our partner suppliers, microfinance institutions and the DBJ team, we aim to facilitate easy access to funding for contractors looking to expand their businesses. We invite everyone to join us and discover how the TOOL Programme can positively impact their ventures,” he noted.

Highlighting the benefits of the programme, Relationship Executive at DBJ, Jhanelle Wright, informed that tradespersons can access up to $500,000 at a maximum interest rate of nine per cent annually for up to two years.

“Additionally, they can receive business development training through Jamaica Business Development Corporation (JBDC) and on-the-spot assessment from HEART/NSTA Trust for certification in their respective fields,” she pointed out.

Business Origination and Development Manager at EXIM Bank, Hopeton Nicholson, noted that the capped interest rate of nine per cent “provides an exceptional opportunity for tradespersons to invest in essential tools for business growth. With up to a 24-month loan term and simplified application process, we anticipate significant uptake within the micro sector”.

The next roadshow stops are on Friday (September 13) at Rapid True Value, 10 Constant Spring Road; K-Ban Hardware, 24 Constant Spring Road; and National Supply Company, 60C Constant Spring Road.

During the events, participants will be able to take advantage of exclusive discounts on selected tools, exciting giveaways, and prizes.

All tradespersons, including plumbers, tilers, masons, electricians, farmers, artisans, hairdressers, painters, fisherfolk and more, are encouraged to visit the DBJ’s official website, https://dbankjm.com/, for further information about the TOOL Programme’s offerings, to enhance their businesses and drive economic prosperity.