The Development Bank of Jamaica (DBJ) has deepened its support of Jamaica’s productive sector with the disbursement of five grants through its Jamaica Business Fund (JBF) initiative.

DBJ recently disbursed the grants alongside its partner, the Inter-American Development Bank (IDB), at the regional bank’s office in on Montrose Avenue in New Kingston.

The five companies that received the grants were: Associate Manufacturers Limited, E&A Jones Company Limited, Jerkorama Company Limited, Spur Tree Spices Limited, and Synergy Business Solution.

A product under the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) Programme, the JBF supports high-potential business alliances, called clusters, to compete in regional and global markets. The programme aims to improve productivity of SMEs in the clusters, resulting in increased employment and income while enhancing the competitiveness of exports and import-competing products.

Speaking at the handover ceremony, IDB Chief of Operations Lorenzo Escondeur explained that the grant is awarded competitively, as the criteria facilitate the selection of the most capable clusters that can convert the funding into economic and social benefits that outweigh the initial disbursement.

“The intent of these efforts is to strengthen Jamaica’s productive sector, leading to more jobs, more economic activity, more business alliances and clusters, and more innovation,” he outlined.

“Most importantly, it is to build the competitiveness of Jamaica’s SMEs, while increasing exports in key sectors like manufacturing and agriculture, which is represented by the beneficiaries today.”

The JBF provides a maximum amount of US$300,000 to a cluster or covers funding up to a maximum of 70 per cent of the total project cost.

Clusters can either be horizontal – a group of at least four companies that come together to develop a project to face common challenges – or vertical, which is an alliance between an anchor business and its suppliers to develop a project that contributes to the improvement of productivity, thus improving the competitiveness of the value chain.

“Today’s recognised beneficiaries represent key sectors of the Jamaican economy, with a strong emphasis on sustainability. These projects are predominantly technology-driven, and crucially, they hold significant potential for export and increased foreign exchange earnings,” Hugh Grant, general manager, PMO Division, DBJ, stated.

For the Jamaica Business Fund, the IDB also provided support to the DBJ with lessons learned and knowledge transfer in the implementation of clustering initiatives from the Compete Caribbean Partnership Facility – a private sector development programme funded by the UK,
Canada, the Caribbean Development Bank, and the IDB.