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Jamaica : KINGSTON: DBJ decided to provide loans worth $2.3b to support MSMEs

August 16, 2014

The Development Bank of Jamaica (DBJ) has announced that it has given approval for $2.3 billion worth of loans during the previous financial year comprising more than 9,700 loan requests of the micro, small and medium-sized enterprises (MSME) sector.

The bank s General Manager of Strategic Services - Claudine Tracey has made this revelation at the inauguration of the Financial Information and Real-time Matchmaking (FIRM) expo on Thursday (14th August 2014).

The event has taken place at the Jamaica Pegasus Hotel in New Kingston.

Tracey stated, "We actually have a target of $3 billion this year and I'm happy to say that we are on track to achieve that target."

The DBJ official has disclosed that the bank has crafted three key strategies related to the development of the MSMEs, and these are providing access to development financing to push growth, plus growth and employment, fortifying the capability of the MSME sector to facilitate easy accessibility of those funds so that the MSMEs players can take loans, make investments and do business expansions; in addition to generate openings for private equity and venture capital.

She has also enlightened that the bank has arranged its maiden venture capital meeting in 2013 in order to share information and to test the appetite for venture capital and private equity in Jamaica.

According to the General Manager of DBJ, the company has also organized a national business model competition and set up an investor panel to facilitate assessment and investment in businesses, which advised for venture capital money.

The DBJ official added, "There are a number of funds that the venture capital programme wants to establish that can invest in high potential MSMEs in the country. Not every idea, every business is appropriate for credit, some need equity financing and it is important that the environment was built and that actually financing was put in place for the MSMEs to access that.

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Source: TendersInfo (India)

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