Minister of Finance and the Public Service, Dr. Nigel Clarke, announced that the Government of Jamaica, through the Social and Economic Recovery and Vaccine (“SERVE”) Jamaica Programme, will provide $1 billion to support MSMEs to Go Digital.
While speaking at the First Global Bank’s 4th SME Summit, ‘Accelerating Growth Through Digitization,’ on Wednesday, May 19, 2021, Minister Clarke noted that through the SERVE Jamaica Programme, MSMEs that qualify for the Development Bank of Jamaica’s Go-Digital Grant of $200,000 will now be eligible for up to $800,000 in 2% interest loans to be used to enhance their digital capabilities. “Our economic recovery becomes more robust and resilient, and our economy becomes more efficient when our MSMEs improve their productivity through the adoption of digital and e-commerce capabilities,” stated Minister Clarke.
Minister Clarke further noted that, “this funding will facilitate your business, your MSME, to display your products online, to allow the customer to interact with your product online and to purchase your product online. It is essential to recognize that a huge benefit of going digital is the data that the MSME accumulates that can be leveraged to improve your product or service.”
Minister Clarke acknowledged said this initiative would allow businesses to be more advanced in the digital space as companies will be “more accessible, more competitive and more productive,” thus catalysing growth in the Jamaican economy.