The Development Bank of Jamaica (DBJ) has announced that it is currently seeking to identify additional business services intermediaries (BSIs) to assist with the monitoring and tracking of micro- and small-sized businesses under its IGNITE programme. 

IGNITE is an initiative which provides grant funding along with coaching and mentorship for micro and small businesses with innovative ideas and businesses, that is part of the Boosting Innovation Growth & Entrepreneurship Ecosystems (BIGEE) project that is funded through a US$25 million five-year loan agreement between the Government of Jamaica and the Inter-American Development Bank (IDB) that is aimed at building a robust early-stage ecosystem. 

Christopher Brown, project manager for BIGEE, under whose portfolio IGNITE falls, stated; “We currently have five BSIs supporting the programme and in order to expand the number of businesses we support, we need more. Ideally, we would like to see our pool of BSIs double to 10. We are looking for companies that have the correct structure and design to help grow these small innovative companies in their seed and growth stages.”

Anthony Shaw, managing director of the DBJ explained; “IGNITE has over the years assisted in excess of 70 micro and small businesses to grow and scale. Several of these companies are now household names providing employment and contributing to Jamaica’s GDP.”

“We have been doing this with a small cadre of BSIs – Technology Innovation Centre at UTECH, Caribbean Climate Innovation Centre at SRC, Jamaica Business Development Corporation, Jamaica Manufacturers & Exporters Association and Sister’s Ink Limited – and we are grateful to them for the tremendous work they have been doing.  The success of IGNITE is due in a large part to the work of our BSIs,” Shaw continued.

LuShana Francis Cheddesingh, technical coordinator of direct business in the BIGEE project, shared, “The process of application is through our website at www.thinkbigee.com/bsi and the deadline for receipt of the application is July 29, 2022.  We are looking for solid developmental companies that are financially sound and that have been in the business of providing business support services to innovative start-ups   The business must have a strong track record and must be tax compliant.”

Under the IGNITE programme, Jamaican businesses with innovative business concepts and processes are able to access up to J$7 million in grant financing. 

The fund is available through two windows – ideation and commercialisation. 

To date, the DBJ has invested approximately J$250M into three cohorts of the IGNITE programme.