MSMEs Urged To Apply For Loan And Grant Support Under DBJ SERVE

Micro, small and medium-sized enterprises (MSMEs) are being encouraged to take advantage of the Development Bank of Jamaica (DBJ) Social and Economic Recovery and Vaccine (SERVE) Programme to access loan and grant support.

The initiative offers lines of credit and grants to MSMEs that have been impacted by the coronavirus (COVID-19) pandemic and those looking to digitise their operations.

The funding is available through three new products – the MSME Recovery loan facility, Go-Digital loan facility, and a Go-Digital grant.

“If you require funding for your venture, don’t delay. Come and apply,” urged Business Development Consultant at the National Export-Import Bank of Jamaica (EXIM Bank), Winston Lawson, in an interview with JIS News.

The EXIM Bank is one of the financial institutions through which MSMEs can access the DBJ’s SERVE Programme funding.

“Make your application now at EXIM Bank for us to help you. We have managed to defray the requirement of taking in audited financial statements. What we really require upfront are your unaudited or your management accounts. We will work with that for the time being to facilitate you accessing the funding,” he pointed out.

Mr. Lawson shared that the loan facilities were created with the economic situation of MSMEs in mind, making them among the most attractive, and as such, entities are advised to apply for the funding while it is available.

He noted that for the Recovery loan facility, MSMEs can access up to $10 million. “The nice thing about the recovery line is the interest rate of five per cent, and another good thing is that… we can go up to eight years for repayment. There’s a minimum limit of $2 million to access the DBJ SERVE recovery line of credit, but the other good thing with it is that there can be a three-month moratorium on your principal payments,” he pointed out.

As it relates to the Go-Digital loan facility, clients can borrow up to $800,000 at a rate of two per cent per annum.

“This one goes up to three years in terms of the loan tenure, and will accommodate, similarly, a three-month moratorium on the principal repayment,” Mr. Lawson said.

Meanwhile, through the DBJ’s Go-Digital Grant, MSMEs with sales of less than $75 million, can access up to $300,000 to digitise their operations.

MSMEs recovering from the effects of COVID-19 or in need of digitising their operations to keep abreast of the changes in service delivery, may access the DBJ SERVE loans through the EXIM Bank or any of the approved financial institutions listed on the Development Bank of Jamaica’s website at https://dbankjm.com/.