For many entrepreneurs, the journey from having a business idea to becoming loan-ready, grant-ready or procurement-ready can feel unclear. One business may still be trying to formalise, while another may already have customers but lacks financial records. Another may be ready to grow but needs stronger systems before approaching a financier or entering larger markets.
Recognising the critical need for financing, Government of Jamaica agencies like the Jamaica Business Development Corporation (JBDC) and the Development Bank of Jamaica (DBJ) form partnerships to implement programmes aimed at the growth and sustainability of Jamaican Micro, Small & Medium-sized Enterprises (MSMEs). The constant goal is to close the funding gap.
Enter DBJ GEMINI+…
“GEMINI+ is the Development Bank of Jamaica’s (DBJ) redesigned enterprise-readiness programme.” According to DBJ’s GrantHub, the programme “combines grants, a digital credit-readiness journey, financial literacy and procurement support to help MSMEs move from informality to financing-readiness, procurement eligibility and sustainable growth”.
Rather than being only a grant or training scheme, it gives your business four things in a single pathway: a standardised SME Credit Score, a verifiable SME Credit Profile, certified training, and procurement registration. Together these form a portable evidence base that you own and can use to guide your journey to accessing finance and new business opportunities.
Who can apply?
If you are a Micro, Small and Medium-sized Enterprise (MSME) operating in Jamaica, you may be eligible to apply for GEMINI+. Registered businesses operating for more than a year are required to submit the following documents:
- two forms of identification;
- a Business Registration Certificate;
- Tax Compliance Certificate;
- And, audited or in-house financial statements.
Why are there tiers?
The idea is that every MSME sits somewhere on the scale. Gemini+ features 4 tiers. Each tier helps the entrepreneur identify the next practical step, whether that is formalising the business, improving recordkeeping, becoming lender-ready or preparing for investment and expansion.
Tier 0: Nano
These businesses may be active, but still informal. This means the owner may be selling products or services, but the business is not yet fully documented or separated from personal finances. At this level, the priority is becoming visible to the formal system.
The entrepreneur will need to register the business name, apply for a Tax Registration Number, begin recording daily revenue and expenses and open a basic savings account.
DBJ promises entrepreneurs at this stage pre-incubator and formalisation support, with guidance from a Business Development Officer.
Tier 1: Micro
Tier 1 is for micro businesses that have “taken the first steps and now need to build consistency and separation”, according to DBJ. At this stage: Keep registration & TCC current; Open a dedicated business bank account; Record every transaction, weekly; Join a business association. A dedicated business account and regular transaction records can make it easier to understand income, expenses, cash flow and business performance. The support you receive from DBJ: pre-incubator, readiness track.
Tier 2: Small
This tier is for small businesses that need to become lender-ready. At this level, DBJ encourages entrepreneurs to engage a certified accountant, know their Debt Service Coverage Ratio (DSCR), check their credit bureau record and develop or update a business plan.
DBJ will support this tier with an Incubator/Accelerator Grant of up to J$800,000, SME loans and the partial credit guarantee.
Debt Service Coverage Ratio, or DSCR, is a financial measure that helps show whether a business can generate enough income to cover its debt obligations. In simple terms, lenders use it to assess whether the business can manage loan payments.
This tier is important because access to finance requires more than a good idea. A lender will usually want to see records, repayment capacity, a business plan and evidence that the business is being managed responsibly.
Tier 3: Medium
Tier 3 is for medium businesses that are investment-ready and focused on governance and growth. Governance refers to the systems that guide how a business is directed, monitored and held accountable. For a growing business, this may include stronger decision-making structures, financial oversight and strategic planning.
At this stage, DBJ identifies actions such as preparing audited statements for the last two to three years, establishing a board or advisory board, exploring blended and supply chain finance and building a three-year financial projection.
Support listed for this tier includes blended finance, supply chain financing and export credit. Blended finance generally refers to financing that combines different sources or types of capital. Supply chain finance relates to financing arrangements connected to buyers, suppliers and payment flows within a value chain. Export credit refers to financing or credit facilities extended to exporters to sell goods and services in overseas markets.
The JBDC is mandated by the Ministry of Industry, Investment & Commerce (MIIC) to provide business development support to MSMEs along their entrepreneurial journey through a range of services ‘From Concept to Market’. For the past 25 years, thousands of entrepreneurs have benefited from services including financial literacy. Under the GEMINI+ partnership, DBJ provides oversight, governance, and the digital platforms, while JBDC acts as the primary delivery partner and handles assessments and the pre-incubator workshops. Learn more about JBDC’s services at www.jbdc.net. For more on DBJ’s GEMINI+, visit www.dbjgemini.com.
