NCB Jamaica Limited (NCB) has launched a J$1 billion facility designed to provide access to lower-cost financing to micro-, small-, and medium-sized enterprises (MSMEs).

Available from March 31, the NCB SME Growth Fund will remain open until the full allocation is disbursed.

“Businesses need access to capital at sustainable rates, and NCB is taking decisive action to make that possible. The NCB SME Growth Fund is part of a broader strategy to ensure that more entrepreneurs can invest in their businesses, expand their operations, drive job creation and build long-term success,” said bank CEO Bruce Bowen.

The NCB SME Growth Fund offers businesses a special interest rate reduction of up to thre per cent on loans for working capital and capital expenditure projects.

Additionally, NCB is applying a 0.25 per cent reduction across all SME loan products, extending the benefits of lower borrowing costs beyond the fund itself.

Perrin Gayle, executive vice president of retail banking at NCB, explained that the initiative is a proactive response to concerns raised by SME advocacy groups, policymakers, and business owners about the cost of borrowing and access to financing.

He also noted that the Bank of Jamaica has reduced its policy rate four times in the past year, and NCB is the first financial institution to act on these changes by lowering interest rates on SME loans.

“The conversations about SME financing in Jamaica are not new,” Gayle observed. “We have heard business owners talk about the cost of borrowing, the challenges in accessing loans, and the need for more tailored financial support. This is exactly what this fund is designed to address.”

The fund is available to registered SMEs that meet specific criteria. Eligible businesses must have annual revenues between J$15 million and J$425 million, be registered for at least two years, and have been in operation for a minimum of one year.

The fund supports businesses across key industries, including tourism, agriculture and agro-processing, manufacturing, mining and quarrying, energy and alternative energy solutions, professional services, retail and distribution, and transportation.

With funds being allocated on a first-come, first-served basis, SMEs are encouraged to prepare their applications early to take advantage of the opportunity.