The Development Bank of Jamaica (DBJ) continues to be intent on funding the enterprises of Jamaican women business owners.

Speaking earlier today (January 7) at the launch of the Scotiabank Women Initiative, held at the AC Hotel in St Andrew, DBJ Managing Director Milverton Reynolds said 70 per cent of the bank’s loans go to women.

The following is his address:

Both organisations – Scotiabank Jamaica and the Development Bank of Jamaica – have a shared vision and so there is a strong bond between our companies with compelling reason to keep building bridges.

Over the years, the DBJ has focused on ‘filling market gaps’, in keeping with our mission of providing economic opportunities for all Jamaicans. This we can confirm we have successfully done through:

• providing low-cost funding for on-lending to Jamaican businesses, through our approved financial institutions
• collateral support through the provision of partial credit guarantees
• Supporting the establishment of private capital financing alternatives through private equity and private credit markets.

We have spearheaded public-private partnership initiatives and privatisation of Government of Jamaica assets.

We have been committed to the provision of grant funding and to our many capacity building initiatives, primarily aimed at the Micro, Small and Medium-sized Enterprise (MSME) Sector. Female-led businesses and female entrepreneurs are critical stakeholders and recipients of our initiatives at the DBJ.

What we have done in the MSE space with female-led businesses

I would like to briefly share with you some initiatives we have implemented with a strong focus on female entrepreneurs and women-led businesses.

Under our AFI and MFI lending windows, 70 per cent of our loans have gone to women entrepreneurs:

• AFI window – 33 per cent to women entrepreneurs
• MFI window – 72 per cent to women entrepreneurs

Under our technical assistance and capacity building programmes, such as IGNITE, NBMC and VTA programme, 40 per cent of our recipients have been women entrepreneurs.

This demonstrates that the DBJ’s programme are inclusive and that our women-led businesses are able to access them to grow.

Endorsing The Initiative

This ‘first of its kind’ – Scotiabank Women’s Initiative, is timely and is fully aligned with our mandate at the DBJ. The records show that females are a ‘force’ when armed with the right tools and resources. And this has been proven over and over again. I am sure you have all heard the saying – if you want to get a job done…. right and within budget… give it to a female. I have witnessed this first-hand in the changing of the guards at Scotiabank… .

And so, I am delighted and happy to endorse this Iinitiative and say to Audrey [Tugwell-Henry-] and the team at Scotiabank, count on the support of the DBJ.

In closing, I wish to congratulate Scotiabank on this initiative, and, I want to encourage all female-led businesses to get on board and participate in this game-changing and revolutionary initiative.