A major challenge for entrepreneurs in the Micro, Small & Medium-sized enterprises (MSME) sector is accessing finance to support the growth of their business. The Jamaica Business Development Corporation (JBDC), as the agency moving entrepreneurs ‘From Concept to Market’, seeks to lessen this challenge by closing the gap between entrepreneurs and financiers through financial literacy and partnerships respectively.
JBDC partners with public and private sector agencies to connect entrepreneurs with financing opportunities. The Development Bank of Jamaica (DBJ) is one of our partners. Through programmes like Boosting Innovation, Growth and Entrepreneurship Ecosystem (BIGEE), the DBJ grants the wishes of qualified MSMEs through various types of funding.
This edition of Entrepreneur Weekly explores grant options currently available to help MSMEs level up:
1. IGNITE (Innovation Grant from New Ideas to Entrepreneurship)
IGNITE offers technical assistance and business development support to help transform ideas into viable, high-growth businesses. It promotes innovative business models, capacity building, improved processes, and access to new markets.
The IGNITE programme funds innovation at two critical stages—Ideation and Commercialisation—helping entrepreneurs move from one stage to the next.
- Up to J$3M for Ideation
- Up to J$7M for Commercialisation
- Covers up to 70% of project costs
- Tailored for start-ups, first-time innovators, and small businesses
Two funding windows are available:
- Ideation (Up to J$3M) – Supports the development of new ideas or emerging technologies with high-growth potential.
- Commercialisation (Up to J$7M) – Enables the commercial rollout of early-stage technologies or innovations, helping them reach their market-ready stage.
2. Innovation Grant Fund (IGF) for Growing Firms
Already operating and ready to scale up? The Innovation Grant Fund (IGF) is here to help you level up with innovation at the core.
- Up to J$20M in funding
- Supports product development, business model innovation, and process improvement
- Open to businesses in all productive sectors
The IGF supports Jamaican MSMEs ready to innovate for growth, helping them become more competitive and enter new markets. Two new thematic areas were added in 2023, thanks to EU funding through the IDB:
Gender Inclusiveness – Supporting Women-Led or Owned Businesses
Empowering women in business isn’t just about equality—it’s a smart economic move. IGF funding now prioritises innovative projects led or owned by women, with the goal of advancing female participation, economic inclusion, and reducing poverty risks. Applicants must clearly demonstrate:
- That the business is women-owned or led
- How the project will enhance women’s economic status or inclusion
Climate Resilience – Innovation in Sustainability
As the climate crisis intensifies, the IGF supports businesses leading the charge in climate mitigation and adaptation. Applicants must show how their innovations:
- Reduce greenhouse gas (GHG) emissions
- Promote climate resilience through technology, products, or practices
3. Jamaica Business Fund (JBF) – for Industry Clusters
Sometimes, growth is stronger when done together. The Jamaica Business Fund (JBF) is designed to strengthen industry alliances, clusters, and supply chains, helping MSMEs tackle challenges collectively.
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Grants of up to US$300,000
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Covers up to 70% of total investment
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For horizontal (peer-to-peer) or vertical (anchor-led) business alliances
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Promotes innovation, shared services, competitiveness, and export readiness
4. Patent Grant – Protecting Jamaican Innovation
Innovation deserves protection. That’s why DBJ, in partnership with the Jamaica Intellectual Property Office (JIPO), offers the Patent Grant to help inventors safeguard their creations.
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Up to J$4M in patent-related support
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Covers local and international patent registration costs
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For unique, useful, and patentable ideas
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Includes application guidance and IP education
This grant helps to build Brand Jamaica by supporting the protection of Jamaican creatives, giving MSMEs a competitive edge both locally and globally.
5. Growth & Expansion of MSMEs through Innovation & Capacity Building (GEMINI) Grant Programme
In collaboration with the JBDC, DBJ’s GEMINI Grant Programme provides capacity building support to MSMEs at various stages of the business journey.
The DBJ will cover 80% of the cost of the capacity building support, up to a specified maximum amount, while the MSMEs will be responsible for covering the remaining 20% of the cost.
- Up to $800,000 in funding per business
- Covers 80% of total cost for services
- Access JBDC programmes (Nursey, Incubator, Accelerator and Scale-Up Programme)
Like a genie, the DBJ provides grants to help you realise your wishes through various stages of your business development. Supporting the creation of an enabling business environment is one of JBDC’s strategic imperatives. Through partnerships like the one with the DBJ, the JBDC connects MSMEs with well needed capital to grow their business fostering innovation and competitiveness. Visit www.jbdc.net for more information on how JBDC can help to grow your business.
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