Small- and medium-sized enterprises (SMEs) are the backbone of the Jamaican economy and for some time now, many businesses have bemoaned an inability to access loans to grow.

The Bank of Jamaica (BOJ) lowered its policy rate four times last year and made it clear that it has sent a signal that commercial banks should do likewise and should make an effort to spur greater growth in the economy.

That move was largely ignored until now, as NCB Jamaica Limited is first out of the blocks with an initiative to help fund SMEs.

It has announced that from March 31, it will be launching a J$1 billion facility designed to provide access to financing to micro, small and medium-sized enterprises (MSMEs).

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

To qualify for this NCB facility, businesses must have annual revenues of 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.

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