August 8, 2023
For immediate Release
Development Bank of Jamaica reopens the Jamaica Business Fund (Cluster Fund) with up to US$300,000 available per project
Kingston, Jamaica August 8, 2023 – The Development Bank of Jamaica (DBJ) through its Boosting Innovation Growth & Entrepreneurship Ecosystems (BIGEE) on Friday, August 4, 2023, announced the launch of the Jamaica Business Fund (JBF), a grant funding product to enhance the development of the productive sector, by supporting high potential business alliances to compete in regional and global markets.
Christopher Brown, Programme Manager, BIGEE explained, “The motivation for the re-introduction of the JBF is the impact that strengthening linkages can have on development and growth. We want to see improved productivity by SMEs in the clusters, resulting in enhanced competitiveness of exports and import-competing products.”
Continuing he stated, “The JBF will support two types of groups namely Horizontal Business Alliances and Vertical Business Alliances. In the 4 previous iterations of the JBF, most of the beneficiaries were in agriculture with anchor-led alliances. For this cycle we want to see applications from other industries such as ICT, cyber security, medical tourism and light manufacturing. The applicants who will be selected must be focused on commercially viable initiatives which will result in increased sales for all members of the group.”
For this grant product, Horizontal business alliances, represents a group of at least four companies that come together to develop a project to face common challenges and or engage in collaboration to improve their productivity and competitiveness. Collective actions generally involve projects that aim to complement supply to serve markets, centralize purchases, specialize firms to improve productivity, and other initiatives.
On the other hand, Vertical business alliances consists of the creation of an alliance between an anchor and its providers to develop a project that contributes to the improvement of productivity, thus improving the competitiveness of the value chain. In general, this involves projects that address challenges related to enhancing providers’ business performance and technology transfer in productive spheres.
Eligible entities are organizations that can apply for support on behalf of the cluster. They include anchor companies in supply chains, other social enterprises and social private firms operating in Jamaica as well as universities, research centres, trade associations, community-based organizations, and cluster management offices.
“The Application Window is now open and will remain open until September 26 via our website www.thinkbigee.com. The DBJ is inviting eligible entities to apply for the grant to improve their operation.” Mr. Brown said.
The DBJ is the executing agency for a Government of Jamaica IDB and European Union funded programme known as Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) which is focused on growing entrepreneurship ecosystems in Jamaica.
For further information, please contact:
Pauline Nelson firstname.lastname@example.org
Communication Officer, BIGEE
Development Bank of Jamaica
11a-15 Oxford Road