jam-flag-2b

Government of Jamaica

jam-flag-2b

Government of Jamaica

GOJ LAUNCHES DBJ ENTERTAINMENT AND TRANSPORT SECTOR LOANS FOR PERSONS EARNING LESS THAN 15 MILLION DOLLARS

The Hon. Nigel Clarke, D.Phil., MP
The Hon. Nigel Clarke, D.Phil., MP

Minister of Finance and the Public Service

The Hon. Nigel Clarke, DPhil., MP (5th left), Minister of Finance and the Public Service and Anthony Shaw (5th right), Managing Director, DBJ enjoy a moment with representatives from various financial institutions after the launch.

­­­­­­­­­­­­Kingston, Jamaica: Friday, August 12, 2022

The Government of Jamaica (GOJ), through the Development Bank of Jamaica (DBJ), has launched the Entertainment and Transport Sector Loans that will allow participants earning less than $15 million to borrow at rates as low as three (3) per cent. This announcement was made during a ceremony on Thursday, August 11, 2022, at the AC Hotel by Marriott in Kingston.

The loans are geared at refinancing Micro, Small and Medium Enterprises (MSMEs) whose cash flows have been impacted by COVID-19, to significantly reduce current monthly loan payments and allow recovery.

Minister of Finance and the Public Service, Hon. Nigel Clarke, DPhil., MP in his keynote address stated that the DBJ will be utilising a network of financial institutions across Jamaica that focus on the MSME space, to reach more persons.

“These loans will be available for three (3) years at an initial two months moratorium and in terms of the need to provide collateral, that need will be non-existent. There is no collateral required because we will be using a guaranteed facility. But even though there is no collateral required you have to pay back the loan.”

He added, “This must be seen as the government putting its money where its mouth is and stepping up in providing support to MSMEs that operate in the entertainment space… It’s a big deal!”

The Hon. Nigel Clarke, DPhil., MP (2nd left), Minister of Finance and the Public Service and Anthony Shaw (2nd right), Managing Director, DBJ enjoy a moment with members of the entertainment fraternity after the launch.

Meanwhile, DBJ’s Managing Director, Anthony Shaw in speaking about the loans said, “As a Government entity, the DBJ is carrying out the mandate of the Government to use these two new products to help operators in both sectors back on their feet, so to speak, and allow them to become sustainable.”

He also mentioned, “This is another example of how well the Government and the private sector are working together to bring tangible benefits to the Jamaican business community, regardless of size or prominence. In this case, it is to increase the form of low-cost loans to the entertainment and transportation sectors of the MSME business community.”

The DBJ is making $200 million in loans available to the transport sector and $500 million to the entertainment sector. The loans are available at Access Financial Services Limited, Bull Investments Limited, COK Sodality Co-operative Credit Union, Community and Workers of Jamaica Co-operative Credit Union, First Heritage Co-operative Credit Union Limited, JN Bank Small Business Loans, Lasco Micro Finance Limited, Mckayla Financial Services and WILCO Finance Limited.

The Hon. Nigel Clarke, DPhil., MP (3rd left), Minister of Finance and the Public Service and Anthony Shaw (3rd right), Managing Director, DBJ enjoy a moment with members of the transportation sector after the launch.

The micro-lending programme will target taxi operators, bus operators, tour operations and tourism transport operators as well as food vendors, party promoters, bar owners, clothes vendors, fish fry promoters and more.

For further information visit: https://dbankjm.com/

                                                                                                                   -end-

Corporate Communication & Public Relations Branch

Ministry of Finance and the Public Service

30 National Heroes Circle

Kingston 4

Tel: (876) 932-4656/4660/4655

Email:  Shelly-Ann.Weeks@mof.gov.jm; Shakiel.Rochester-Shorter@mof.gov.jm

Contact: Shelly-Ann Weeks/Shakiel Rochester Shorter 

Corporate Communication & Public Relations Branch

Ministry of Finance and the Public Service

30 National Heroes Circle

Kingston 4

Tel: (876) 932-4656/4660/4655

Email:  Shelly-Ann.Weeks@mof.gov.jm; Shakiel.Rochester-Shorter@mof.gov.jm

Contact: Shelly-Ann Weeks/Shakiel Rochester Shorter 

We are on social media

Leave a Reply

Stay up to date.

Sign up our newsletter for latest articles and news.

Stay up to date.

Sign up our newsletter for latest articles and news.

March 2024 Fiscal Outturn

At the end of each month, the fiscal data on revenues and expenditures are uploaded to the Ministry of Finance’s website which is open and accessible to the public.

Read More »

Lorem ipsum dolor sit amet, consectetur adipiscing elit.