Low-Cost Loans Available at the Development Bank of Jamaica (DBJ)

Managing Director of the Development Bank of Jamaica (DBJ), Milverton Reynolds, is reminding persons interested in setting up micro, small and medium-sized businesses that the agency offers low-cost loans as well as technical assistance.

Addressing recipients of land titles at a handover ceremony on August 23 at Jamaica House, Mr. Reynolds urged them to start businesses using the titles as collateral for loans.

He noted that the DBJ offers loans for a variety of sectors and services and provides assistance in the set-up of businesses, while also providing training in areas such as bookkeeping, marketing and accounting, among others.

Additionally, Mr. Reynolds said the DBJ, through its Credit Enhancement Facility, offers a 50 per cent guarantee on loans of up to $15 million. For loans of $6 million or less, the entity will stand as guarantor for 80 per cent.

The Credit Enhancement Facility has already guaranteed over $2 billion in loans in the past two and a half years.

“There is a lot of help available to you, even from before you get started. Then when you become a start-up and grow into mature companies, the DBJ is still available to give you the business support that is necessary to keep your business going,” he said.

The DBJ has partnered with the Land Administration and Management Programme (LAMP), for the provision of $90 million of grant funding to assist individuals with the processing of titles.