DBJ disburses $200m to 11 businesses through Innovation Grant Fund
Josimar Scott / Our Today
editor
Eleven medium-sized enterprises have benefitted from the Development Bank of Jamaica’s (DBJ) Innovation Grant Fund (IGF) in the last year.
The businesses received up to J$20 million each to implement projects aimed at enhancing their operations, fostering job creation, promoting gender inclusiveness, and addressing climate change, the DBJ said in a release. Funding for projects with gender inclusiveness and climate change components began in April last year.
“This represents an overall commitment of J$200 million by the DBJ to these eleven companies. To date, the DBJ has invested $403 million to fund 23 innovative medium-sized Jamaican companies through the BIGEE project,” the bank said.
The BIGEE project – Boosting Innovation, Growth and Entrepreneurship Ecosystem – is focused on transforming Jamaica’s b ecosystems through grant funding, capacity building and institutional strengthening, and equity financing. Since the launch of the programme up to September 2022, the DBJ has supported 635 MSMEs through grants, technical assistance, or mentorship and coaching.
Through BIGEE, the DBJ offers IGF disbursements to Jamaican businesses, from start-ups to medium-sized entities, which introduce innovative products and/or services to the market.
The companies that benefited from the IGF were: Festifil Company Limited, Dawson Trading Company, Agency for Innercity Renewal, Daville Company Limited, Carbyne Capital Investment, Blue Mahoe, Polygenic Consulting, Smilozone Waste Management, Breakthrough Communications, DRT Communications, and CHEETAH Toys and More.
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