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2014, September 15 - SME’s to Get Access to Web Portal for Financing

BAS Bulletin – Sept 15, 2014
(Extracted from the Sunday Observer dated September 14, 2014)

Dr William Lawrence (left), Director, professional services unit, Mona School of Business and Management (MSBM), University of the West Indies, attorney-at-law Shirley-Ann Eaton, and Milverton Reynolds, managing director of the Development Bank of Jamaica (DBJ) participate in the signing ceremony of an agreement between the DBJ and MSBM on a $14.4 million project to create a website to provide information on financing options and sources to small and medium-sized enterprises (SMEs).

Jamaican SMEs face various challenges in establishing or expanding their operations. Some of these difficulties include a lack of (or limited) access to credit; sources of credit available to SMEs; financial information; and (information on the available financing options for their specific business model.

The DBJ and MSBM five-year partnership will see the bank provide $8 million as a technical assistance grant. The school will develop and update a Web-based database of financing sources and information on funding options available to SMEs.

"In some instances, it is not that the credit facilities are inaccessible or absent, it is simply that the people who require the services do not know what exists or where to find the financing that they need," said Reynolds.

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