US$5.5 Million in Support Provided to 1353 MSMEs under BIGEE Programme
By: , June 14, 2024
Photo: Yhomo Hutchinson
General Manager, Project Management Office, Development Bank of Jamaica (DBJ), Hugh Grant (right); Chief of Operations, Inter-American Development Bank (IDB), Lorenzo Escondeur (second right); and Programme Manager, Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE), Christopher Brown (left), share a photo opportunity with representatives from five beneficiary companies under cohort five of the BIGEE Jamaica Business Fund (JBF). Occasion was the official signing ceremony for grant support to the five entities at the IDB head office in Kingston on June 12. From second left are General Manager, Associated Manufacturers Limited, Jason Garbutt; Chief Executive Officer, Spur Tree Spices Limited, Albert Bailey; Owner, Synergy Business Solution, Derron Grant; Director, Jerkorama Company Limited, Clive Myrie; and Director, E&A Jones Company Limited, Matthew Jones.
Photo: Yhomo Hutchinson
General Manager, Project Management Office, Development Bank of Jamaica (DBJ), Hugh Grant (left), listens to a comment from Chief of Operations, Inter-American Development Bank (IDB), Lorenzo Escondeur (right), during the official signing ceremony for five beneficiary companies under cohort five of the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) Jamaica Business Fund (JBF) at the IDB head office in Kingston on June 12. Sharing in the conversation are Programme Manager, for BIGEE, Christopher Brown (second right) and Technical Coordinator, Direct Business Support, DBJ, LuShana Cheddesingh.The Full Story
A total of 1,353 micro, small and medium-sized enterprises (MSMEs) have received support totalling US$5.5 million under the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) Programme, being implemented by the Development Bank of Jamaica (DBJ).
The programme, aimed at promoting sustainable and robust growth among established MSMEs and scalable start-ups, is making an impact in the Jamaican business community, said General Manager for the Project Management Office at DBJ, Hugh Grant.
“More and more we are seeing ourselves as the business builder,” he said.
Mr. Grant was speaking at the official signing ceremony for five beneficiary companies under cohort five of the BIGEE Jamaica Business Fund (JBF) at the Inter-American Development Bank (IDB) head office in Kingston on June 12.
The entities are Associated Manufacturers Limited, E&A Jones Company Limited, Jerkorama Company Limited, Spur Tree Spices Limited, and Synergy Business Solution.
Being implemented over five years, from September 2020 to March 2025, the BIGEE programme forms part of the Government’s thrust to support a sustained and robust entrepreneurial ecosystem in Jamaica, thereby boosting the country’s economic growth.
The US$25 million initiative is financed by the IDB and executed by the DBJ.
In 2021, based on the performance of the programme, the European Union (EU) awarded a non-reimbursable grant of US$8.2 million to bolster the initiative.
A product of BIGEE, the JBF is a grant fund product aimed at supporting groups of businesses operating as clusters.
It aims to enhance the development of the productive sector by targeting enabling high-potential business alliances to compete in regional and global markets.
The DBJ operates as a catalyst for private-sector led economic development, primarily focusing on providing financial and technical support to various sectors within Jamaica.
The entity’s primary objective is to stimulate economic growth and development by facilitating access to funding and business support services for MSMEs.
More than 129,000 loans valued at $64 billion have been provided to MSMEs since 2010, and just under 3,000 vouchers have been issued to entities, valuing approximately $700 million for business improvement over the past six years.