1. What is the BOOST HerBiz Initiative?
The BOOST HerBiz initiative is a special financial award designed to empower and support the acceleration of female-led enterprises in Jamaica. Two outstanding female entrepreneurs will have the opportunity to each receive J$1 million in funding to scale their businesses and enhance their impact.
2. Who are the partners in the BOOST HerBiz Initiative?
The initiative is funded by the Development Bank of Jamaica (DBJ) through its Boosting Innovation, Growth, and Entrepreneurship Ecosystems (BIGEE) Programme. BIGEE is supported by a US$25 million loan agreement between the Government of Jamaica and the Inter-American Development Bank (IDB), with additional funding from a US$8.2 million non-reimbursable grant from the European Union.
3. Who Can Apply?
To be eligible for BOOST HerBiz, applicants must meet the following criteria:
Female – owned business (at least 51%)
Operate a registered business with a Tax Compliance Certificate (TCC).
Have a minimum of one year or a maximum of four years in operation.
Provide proof of financial statements for the past year.
Have an established business bank account.
4. How Are Winners Selected?
The selection process includes:
Application Phase: Submission of completed applications and supporting documents.
Evaluation and Shortlisting: Applications will be reviewed, and candidates shortlisted based on criteria such as innovation, social impact, and alignment with Sustainable
Development Goals (SDGs).
Pitch Presentations: Shortlisted candidates will present their business plans and intended use of the funds to an evaluation committee.
Final Selection: Two winners will be selected based on their scores across various evaluation metrics.
5. Evaluation Criteria
Applicants will be scored on the following areas, weighted for a total of 100 points
Innovation and Originality (15%)
Community and Social Impact (10%)
Alignment with SDGs (10%)
Growth and Scalability Potential (20%)
Financial Viability (15%)
Entrepreneurial Vision (15%)
Market Position (10%)
Environmental Responsibility (5%)
6. What Is the Application Process?
Complete the Application Form: Fill out all sections, including business details, financial projections, and intended use of funds.
Submit Supporting Documents: Attach required documents such as business registration, tax compliance certificate, financial statements, and a detailed budget.
Deadline for Submission: Applications must be submitted by the specified deadline through the online application platform.
Shortlisting Notification: Only shortlisted applicants will be contacted for the next phase.
7. What Is the Prize Utilisation Process?
Fund Disbursement: Funds are provided in installments based on milestones agreed upon with DBJ / BIGEE.
Accountability Measures: Winners are required to submit financial reports and participate in periodic check-ins and on-site visits.
Impact Reporting: After one year, winners must submit a final report detailing the impact of the prize on their business.
8. How Can the Prize Be Used?
Prize funds can be used to support business growth, including investments in:
Product development or scaling production.
Marketing and customer acquisition.
Technology upgrades.
Capacity building and employee development.
9. Important Timelines:
Applications Open: December 5, 2024
Application Submission Deadline: January 10, 2025, at 11:59 p.m.
Pitch Presentation: February 12, 2025
10. Application Form
You may apply here.
Contact Information
For more information or to submit your application, please contact:
Email: boostherbiz@dbankjm.com
Phone: (876) 929-4000
Stay tuned for updates and announcements on the DBJ website and social media platforms!
** Terms and Conditions apply
