The Development Bank of Jamaica (DBJ) recently hosted the Credit Enhancement Facility’s (CEF’s) Superstars Awards event, recognising the contributions of financial institutions and individual business bankers in advancing access to credit for Jamaica’s Micro, Small, and Medium-sized Enterprises (MSMEs). 

The CEF is a cornerstone initiative of the DBJ that provides partial loan guarantees to MSMEs, enabling them to access financing when they lack sufficient collateral. This risk-sharing arrangement has been instrumental in fostering entrepreneurship, driving innovation, and contributing to Jamaica’s economic growth. Over the past year, the CEF has issued 383 loan guarantees valued at J$4.85 billion. Additionally, the total stock of guarantees grew from J$1.98 billion in March 2021 to J$5.5 billion in March 2024.

In his remarks, DBJ’s Acting Managing Director, David Wan, highlighted the critical role of the CEF in empowering local businesses. “The CEF has been a game-changer for MSMEs across Jamaica, providing them with the financial support needed to realise their full potential. Today, we honour the financial institutions and business bankers who have played a pivotal role in making this possible. Their dedication and commitment to the growth of Jamaica’s MSMEs are truly commendable,” said Wan at the event.

Floyd Green, Minister of Agriculture, Fisheries and Mining, delivered the keynote address and emphasised the importance of supporting small businesses and farmers in driving national development. “As the sector evolves and modernises, so does the need for capital. The truth is, that there are a lot of farmers who aspire to utilise more technology in their enterprises, but they simply lack the financial mechanism to attain these resources. I want to commend the DBJ for pioneering a solution, through their Credit Enhancement Facility (CEF). Their risk-sharing approach provides partial loan guarantees to Approved Financial Institutions, encouraging lending to MSMEs. This means that our farmers can have their agricultural projects and plans actualised as they will be able to access the necessary financial resources with limited barriers,” he said.

The awards ceremony honoured top performers in various categories, celebrating their achievements in extending credit in multiple sectors. In the Top Performing Individual Business Banker category, the winners were Tolcia Barnes (1st Place), Stacy Harrison-Hyde (2nd Place), and Davia Neale Forrest (3rd Place), all from the National Commercial Bank (NCB). The Top Performing Financial Institutions were NCB in first place, Sagicor Bank in second place, followed by First Global Bank in third place. The Top Performing Micro Finance Institution award was presented to Lasco Micro Finance Limited.