One hundred micro, small and medium-sized enterprises (MSMEs) are to benefit from capacity-building, technical assistance or grants in the upcoming financial year.
This will be facilitated under the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) project, for which $350 million has been allotted in the 2021/22 Estimates of Expenditure, now before the House of Representatives.
It is also anticipated that for the 2021/22 period under the project, 25 business development organisations will be provided with training.
Up to December 2020 under the project, the design of SideCar Fund Investment Instrument for start-ups was completed. The instrument will provide equity financing to early stage, scalable and investment-ready business start-ups.
In addition, the design of seed fund for the Innovation Grant from New to Entrepreneurship (IGNITE III) was completed.
IGNITE III promotes funding for entrepreneurs by providing grants to assist in development and commercialisation of new products, innovation ventures, new business models, technical assistance, and enter new markets, as well as all related activities.
The project is being implemented by the Development Bank of Jamaica (DBJ) with funding from the Inter-American Development Bank (IDB).
The BIGEE project aims to promote sustainable and robust growth among start-ups and MSMEs in Jamaica.
It is slated to run from April 2020 to March 2025.