MSMEs Impacted by COVID-19 To Benefit from $3Bn In Loans And Grants

• Micro, small and medium-sized enterprises (MSMEs) affected by the COVID-19 pandemic are to benefit from $3.0Bn in loans and grant support through partnership between the Ministry of Finance and the Public Service and the Development Bank of Jamaica (DBJ). Three newly created products are being provided to MSMEs under the programme – MSME recovery loan facility; Go-Digital loan facility; and a Go-Digital Grant. 
• Under the DBJ’s Social and Economic Recovery and Vaccine (SERVE) Jamaica Programme, the entities will have access to funds to digitise their operations to better serve clients as well as recover from the economic fallout that has affected their cash flows. 
• Finance Minister, Dr. the Hon. Nigel Clarke, explained that the $2.0Bn MSME recovery loan facility will allow entities to access up to $10.0Mn at a rate of 5.0%. He noted that this loan can be used to address cash-flow deficiencies and refinance existing debt that might be too onerous for entities to undertake at this time. 
• In addition, the $1.0Bn Go-Digital loan facility should allow businesses to transform their operations by acquiring the appropriate software that allows them to handle their customer, human resource or accounting needs and, therefore, position them in a more resilient position to face this pandemic.

(Source: JIS News)