PM Announces Support For Entertainment Sector
By: , March 17, 2022
Photo: Donald De La Haye
Prime Minister, the Most Hon. Andrew Holness, makes a point during his contribution to the 2022/23 Budget Debate in the House of Representatives on March 17.The Full Story
Prime Minister, the Most Hon. Andrew Holness, has announced measures to support the entertainment sector, which will reopen on Friday, March 18,
These include a special $150-million window to be created by the Culture, Health, Arts, Sports, and Education (CHASE) Fund to assist musicians, entertainers, theatre production companies, and promoters of festivals and events.
More details, including criteria for access, will be made available shortly, the Prime Minister said.
He was making his contribution to the 2022/23 Budget Debate in the House of Representatives on March 17.
Mr. Holness said that the Development Bank of Jamaica (DBJ) will establish a special Entertainment Restart Loan Facility totalling $500 million.
Under this facility, $250 million will be reserved for microenterprises, including vendors supporting the entertainment industry.
They will be able to access loans of up to $750,000 from DBJ-accredited microfinance institutions for working capital, equipment, and refinancing.
An additional $250 million will be reserved for small and medium-sized enterprises that will be able to access loans of up to $5 million through participating DBJ microfinance and approved financial institutions.
Mr. Holness said the DBJ will be working out the details with these entities with a view to launching the facility in April 2022.
The Prime Minister said that the municipal corporations have agreed to cut permit fees by 50 per cent for the first six months of the reopening of the entertainment industry.
“This will be particularly helpful to small promoters and event organisers,” Mr. Holness noted.
He indicated that he has also directed that all government entities that rent venues examine the possibility of cutting their rental rates or making the venues rent-free for defined events.
“I will update the sector on this at a later stage,” he said.
The support measures are in addition to a coronavirus (COVID-19) relief programme for registered small companies and umbrella organisations within the entertainment, culture and creative industries, announced by Culture, Entertainment and Sport Minister, Hon. Olivia Grange, earlier this month.