|JBDC, DBJ signs MOU to implement MSME projects|
|Friday, 20 April 2012 15:45|
The Jamaica Business Development Corporation (JBDC) and the Development Bank of Jamaica (DBJ) today (Friday, April 20) signed a Memorandum of Understanding to implement three projects aimed at the sustainable growth and development of the Micro, Small and Medium enterprises (MSME) sector.
The projects are valued at approximately J$15.4 million dollars and will facilitate the implementation of the MSME Energy Conservation and Efficiency Project, the Craft ‘Biz’ Facility and the Small Business Growth and Distribution Linkages Project.
Speaking at this morning’s signing, Minister of Industry, Investment & Commerce, Hon. Anthony Hylton, lauded DBJ for its commitment to increasing the competitiveness and impact of the MSME sector. He made specific reference to the training of six engineers under the MSME Energy Conservation and Efficiency Project noting that it was an important step forward as these Engineers will in turn assist MSMEs to lower their operational costs and increase productivity through the promotion of energy conservation and efficiency.
The MSME Energy Conservation Project will run for 12 months and is scheduled to benefit approximately 60 companies.
The second project, the Craft ‘Biz’ Facility will provide beneficiaries with specialized technical assistance but more importantly, business development support as very few MSMEs in this sector have managed to handle both aspects of business successfully. Thirty companies are expected to benefit from this facility.
The purpose of the Small Business Growth and Distribution Linkages Project is to strengthen the capacity of selected companies to take advantage of marketing and financing opportunities in an effort to create growth and development within their individual businesses.
This project provides technical assistance and market support to select enterprises that are deemed to be business and market ready and who possess the capacity to quickly adapt to the demands of the market. A major aspect of this initiative is assisting the participants to identify new markets and distribution channels.
Other support activities will include product and product development guidance and assistance, facilitation of enterprise readiness; in a bid to access affordable financing including updating of business plans and preparation of financial statements, and facilitation of enterprise readiness to enter into negotiations with buyers and established distributors. Beneficiaries will also receive guidance in export readiness requirements and market testing and exposure opportunities. Ten companies are expected to benefit from this facility.
Contact: Sancia Campbell
JBDC PR Unit