$1.1 Billion for Project to Boost Growth of MSMEs and Start-Ups  

 

• Just over $1.1 billion has been allocated to continue the implementation of the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) project. The project aims to promote sustainable and robust growth among startups and MSMEs in Jamaica.
• There have been several physical achievements up to December 2022. This included the launch of an Innovation grant fund for medium-sized firms, the approval of five MSMEs to receive support from the Patent Grant Fund, and the support of four technology transfer offices with commercialised technology from universities, research institutions and investors. Other achievements included the design of a Venture Capital Fund and the launch and capitalisation of the Angel Fund.
• The targets for 2023/24 include various training programmes and the installation of systems and equipment to facilitate effective data capture and project management.
• The programme is being implemented by the Development Bank of Jamaica with co-funding from the European Union and the Inter-American Development Bank. Some $550 million has been estimated for the fiscal year 2024/25.
• These initiatives geared towards providing more funding for MSMEs will aid in business expansion activities, which will ultimately aid economic growth. According to the Ministry of Industry, Investment and Commerce, the MSME sector accounts for about 80% of jobs in the Jamaican economy and contributes significantly to GDP, employment, poverty alleviation, and social stability. Additionally, these institutions make up over 97% of the island’s tax-paying businesses, which bodes well for contribution to the government’s coffers.

(Sources: JIS and NCBCM Research)