MSME Alliance lauds DBJ support for small businesses

KINGSTON, Jamaica—The MSME Alliance has welcomed the Development Bank of Jamaica’s (DBJ’s) increased support for micro and small businesses, noting that several of the bank’s recent initiatives respond directly to challenges raised by the sector. President of the MSME Alliance, Antoinette Hamilton, said the organisation has seen tangible progress following earlier discussions with the DBJ on the barriers facing micro, small and medium-sized enterprises (MSMEs). “DBJ placing focus on micro businesses is a major step.

In our earlier engagements, we were clear about the need for greater attention to this segment, and what we have seen since is a willingness to understand the challenges and find practical solutions. This includes responding to concerns around upfront costs by allowing certain fees to be rolled into the loan, making it easier for small businesses to access the financing they need,” Hamilton said. Hamilton was speaking during an MSME Alliance stakeholder meeting hosted by the DBJ in Kingston recently, where representatives from both organisations discussed access to financing, business readiness and the support required to help more Jamaican enterprises grow and scale.

She pointed to the ORBIT Loan Programme and Credit Enhancement Facility (CEF) among initiatives accessed by members of the Alliance, while also referencing the M5 Business Recovery Programme, introduced following Hurricane Melissa, and the recent relaunch of GEMINI+, as examples of DBJ responding to the evolving needs of the MSME community. Managing Director of the Development Bank of Jamaica, Dr David Lowe, said ongoing engagement with actual business owners is important to ensuring that the Bank’s interventions remain grounded in the realities facing enterprises. “The traditional lending playbook of wholesale lending does not always account for the realities in which MSMEs operate today.

Through engagements like this, we want to hear directly from business owners, understand where the gaps remain and work with our banking and microfinance partners on solutions that respond to those realities,” Dr Lowe said. “When viable businesses are better positioned to access financing, they have a greater opportunity to scale and create wider opportunities across the economy.” The meeting also highlighted the importance of business formalisation and financial readiness in accessing financing.…