The Financial Services Unit (FSU) provides financial assistance to “unbanked” groups of micro and small businesses. The FSU represents the merging of financial and non-financial technical assistance. The assistance targets clients who have accessed business services (training, business assessments, etc.) through JBDC’s Islandwide network of business experts.
As a pre-requisite, only projects that have completed the appropriate business assessment and business plan development will be funded. Hand-holding services are also provided as a part of the loan package.

Who is eligible?

The loan product will target three groups of entrepreneurs:

• New Business start-ups
• Micro-businesses
• Small businesses

Sectors to benefit:

Product Description

New Business Start-ups
New Businesses being started

Micro Businesses
Businesses employing 1 to 3 individuals either as a partnership, sole proprietorship or company.

Small Businesses
Businesses employing up to 50 persons

Criteria for Assistance

• Businesses should be in the productive sector (i.e. manufacturing, agriculture, tourism, etc.)
• At least 51% of the business should be Jamaican owned.
• Business must be registered
• Business must be tax compliant
• Business should be in existence for more than twelve (12) months to qualify as “existing”.
• At least 50% of inputs should be indigenous to Jamaica
• Applicant must have participated in JBDC’s business development programme (subject to client assessment).

Investment Guidelines (?)

• The loan facility is valid only for purchasing raw materials, capital goods and technical assistance. Funds cannot be utilized for loan refinancing.
• Loan approval is subject to due diligence done by JBDC to authenticate & verify information provided in the application form/business plan.
• JBDC must be provided with quarterly financial reports from the borrower throughout the life of the loan.
• Loan amounts will not exceed eighty percent (80%) of capital injection needed or 50% of the company’s equity base, whichever is less.
• The fund will not provide 100% financing
• Investments must be based in Jamaica.

Loan Tenure
The loan period will be decided on an individual basis as indicated by the entity’s cash flow projections with a maximum repayment period of forty eight (48) months.

Collateral

Both traditional and non-traditional forms of securities will be considered. Amounts used to purchase equipment must be secured by the equipment. Working capital funding of up to $100,000.00 (One Hundred Thousand Dollars) may be granted on an unsecured basis, provided the total loan does not exceed $500,000.00. A LIST OF COLLATERAL IS AVAILABLE AT JBDC / JAMBIC OFFICES ISLANDWIDE.

Documents Required.
NEW BUSINESS START-UPS

• TRN
• Photo identification (National ID, Drivers License or Passport)
• Two (2) Photographs
• Two (2) Reference Letters (Minister of Religion, Justice of the Peace, Medical Practitioner, Attorney-At-Law, Member of Ja. Constabulary Force (Gazetted Rank)
• Business Registration documents

SMALL BUSINESSES

• TRN
• Photo identification (National ID, Drivers License or Passport) of the principals
• Latest audited & in-house financial statements, personal financial statements
• Business registration documents
• Tax compliance certificate
• List of management officers and functions