Dr. David Lowe, Chief Executive Officer of the Development Bank of Jamaica (DBJ) says the bank has been working closely with members of the MSME Alliance, Small Business Association of Jamaica, and the Young Entrepreneurs Association.
Dr Lowe, speaking recently in an interview on Radio Jamaica’s Real Business, stressed that this collaboration has resulted in a reduction in the number of steps which were needed to access funding from the bank and its approved financial institutions (AFI) or lenders.
Elaborating, he stressed that this reduction in bureaucratic red tape or the time line it takes to access DBJ funding has resulted in an increase in the flow of funds to members of the sector.
For example, he indicated that more than $3 billion has been approved under the M5 Hurricane Melissa loan rehabilitation programme since its inception.
The M5 Programme is a $10 billion hurricane recovery loan facility for members of the MSME sector who were affected by Hurricane Melissa.
The maximum loan amount is $50 million, at eight per cent per annum, for 10 years. The DBJ will also help with provision of collateral support for 80% to 90% of the loan amount.
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