Small Business Operators Urged to Take Advantage of New Loan Facility

The Jamaica Business Development Corporation (JBDC) is urging entrepreneurs, small business interests and operators, to access the new loan facility, that is available for the micro and small business sector.
Speaking with JIS News recently, Chief Executive Officer at the JBDC, Valerie Veira, pointed out that the Government has allocated a sum of $150 million to the corporation, for on-lending to micro and small businesses.
The loan facility, Miss Veira noted, is “to fill a gap that was identified over the period and allow us to foster and facilitate the development of the productive enterprises.”
These enterprises, she explained, include agriculture, agro-processing, and manufacturing, which will embody fashion, food, craft or any other sector that enhances production.
The CEO pointed out that the loan facility would cater to persons who are going to convert some form of raw material into a product and would need special financial support.
She explained that persons in the micro sector could borrow up to $100,000 while small business operators could get up to $2.5 million.
Ms. Veira stated that to access the loan, applicants would be required to complete a form and provide information outlining the nature of the business.
“We would need enough information or what we call a ‘business road map’, which would give us a clear indication whether it is a viable or not a viable proposition for the loan,” she outlined.
“If it is not a viable one,” she pointed out, “we would not abandon them but assist in fashioning the idea into a viable one so they can earn from it.”
The CEO informed that resource officers would be stationed at the various business information centres island wide, to assist persons in completing the forms and preparing their business proposals.
The repayment period, Ms. Veira highlighted, would begin three months after the loan has been acquired and is repayable over 15 to 24 months for micro entities and up to 36 months for the larger businesses.
“I believe this is going to be a stimulant to give more people the opportunity to formulate small businesses…from the person in the community to the tertiary graduate who is interested in starting a business,” Ms. Veira pointed out.