The Development Bank of Jamaica (DBJ) has launched what it calls a game-chaning Tradesperson Ownership Opportunity Loan (TOOL) Programme.

 This initiative allows specialised contractors to access loans of up to J$500,000 each, providing them with easier access to financing for essential equipment and tools, to improve their productivity and expand their businesses.

The programme is designed to meet the needs of Jamaica’s specialised contractors across various sectors, including plumbers, tilers, masons, electricians, carpenters, painters, general contractors, HVAC technicians, maintenance technicians, and other MSMEs involved in artisan trades.

“The TOOL programme represents a crucial step in empowering our local tradesmen and tradeswomen by providing them with the necessary resources to enhance their operational efficiency and business growth. By enabling these tradespeople to acquire vital tools and equipment, we are not only supporting their individual businesses but also contributing to the broader economic development of this industry, creating more jobs and opportunities” stated David Wan, acting DBJ managing director, on the significance of the programme.

The TOOL Programme will be made available through funds provided by DBJ to EXIM Bank and some of the bank’s microfinance institution (MFI) partners including LASCO Microfinance, Bull Investments, JN Bank and Regions Financial Services. 

These entities will then offer eligible sub-loans to tradespeople, facilitating the purchase of essential hand tools, power tools, and specialised instruments. In addition to being able to access up to J$500,000, as individual loans, DBJ will fund up to 90 per cent of the project cost and loan tenures will range from 6 to 24 months, with the maximum interest rate for borrowers set at nine per cent per annum on a reducing balance basis.

The loans granted under the TOOL Programme may be further secured by DBJ’s Credit Enhancement Facility (CEF) partial credit guarantee. Beneficiaries of the programme will also enjoy additional benefits, including discounts on tools from participating retailers such as Delta Supply Company, Total Tools, K-Ban Hardware, National Supply Company, SCL Jamaica, Rapid True Value and Hi-Pro.

Moreover, participants will have access to financial literacy training through DBJ’s GEMINI (Growth & Expansion of MSMEs through Innovation & Capacity Building) Programme, as well as registration in the HEART TRUST/NTA Skills Bank.

The DBJ says it remains steadfast in its mission to support the growth and development of the Jamaican economy by empowering its artisans and specialised contractors through innovative financing solutions.