Industry Ministry to provide $10 million for SBAJ

KINGSTON — Minister of Industry, Investment and Commerce, Hon. Karl Samuda says the Ministry is in an advanced stage of releasing $10 million, sourced from the Development Bank of Jamaica (DBJ), to the Small Business Association of Jamaica (SBAJ), for injection into productive activity.

Addressing a press briefing at the Ministry in New Kingston, on April 6, Mr. Samuda explained that the funds are made available as a result of a commitment made to channel a portion of the funds from the DBJ, which is allotted to the Jamaica Business Development Corporation (JBDC), to support the productive sector, by direct lending at 11 per cent. 

“We were promised $300 million, of which we received $100 million…We are still knocking at the door of the DBJ for the additional $200 million,” Mr. Samuda pointed out.

The Minister explained that the money for the SBAJ is to provide loans for activities such as carpentry, dressmaking, masonry, and agro processing at the micro level.

“We are trying to promote production, create jobs, and earn foreign exchange…we intend to provide them with additional funding as soon as those funds are given to us by the DBJ,” Mr. Samuda said.

By ALPHEA SAUNDERS, JIS Reporter