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DBJ refreshes supply chain grant

by Ozva Admin
DBJ refreshes supply chain grant

DBJ offices located along Oxford Road in Kingston. (Photo/s: Karl Mclarty)

The Development Bank of Jamaica (DBJ), in providing more support to entrepreneurs and small businesses, said it is currently in the process of restoring a supply chain grant that it plans to offer early next year.

According to Christopher Brown, program manager for the bank’s Boosting Innovation, Growth and Entrepreneurial Ecosystems (BIGEE) project, the grant, an extension of the Jamaica Business Fund (JBF), will help growers strengthen sales as growth increases. local productivity, boosts exports and helps them access new markets.

He said the intent is for all stakeholders, including primary, secondary and tertiary producers, to forge greater links as they work together to create a more efficient supply chain locally, especially in the wake of the continued fallout and lack availability of raw materials and goods since the new coronavirus pandemic.

“It is a grant that supports all actors in the supply chain and through which the entire supply chain can access up to $45 million or approximately US$300,000 in funding. This grant is expected to be ready by February 2023,” Brown said during a Jamaica Observer Business Forum recently held at the bank’s offices on Oxford Road in Kingston.

In previous JBF cycles, grants could be made as low as $20,000 and as high as $350,000 per supply chain application.

The JBF was first introduced to the market around 2016 as a component of the Foundations for Competitiveness and Growth (FCG) project which was established to promote economic development through inclusive growth in high-potential supply chains.

The objective of the fund was to improve the productivity of small and medium-sized enterprises (SMEs) in the supply chain, as it passes cost savings and increased production to medium and large buyers/anchor companies, while channeling customers and improves the competitiveness of exports and products that compete with imports.

The key to configuration design is the recognition that anchor companies have significant capacity to multiply production and increase revenue for all actors in the supply chain.

The idea is that the anchor companies work with a large number of supplier SMEs and, through their co-investments with these suppliers, help accelerate the growth process of supply chains. In turn, this is expected to create greater market opportunities for SMEs while allowing anchor companies to offer differentiated products of higher quality and value, thus giving all market players a competitive advantage.

“As we plan to continue with similar interventions [of the JBF] the goal is to have at least five suppliers involved in a relationship,” Brown said, referring to Jamaica Broilers’ relationship with its chicken farmers as one of the model concepts he seeks to model.

“Having a strong supply chain is what we are also trying to bring to more industries,” he further stated.

The DBJ, funded by the Government and international agencies, since its inception has offered support in the form of loans, grants, business support services and other technical assistance to MSMEs as it works to support various cycles of their development.

Through the popular BIGEE program under which several of the grants are framed, including the Innovation Grant for New Ideas to Entrepreneurship (IGNITE) project, the entity has helped a large number of MSMEs to grow and expand their businesses, providing access significant to funding. while increasing production capacity.

The recent launch of a patent grant fund now seeks to unlock opportunities for inventors and entrepreneurs by granting them access to financial support from a newly established $100 million facility.

“This is great for people seeking support for their inventions, especially if they have invented or created something that is novel and would qualify for a patent…we are here to support that,” said Natalie D’Oyen, co-technical -coordinator of intermediary relations of the BIGEE program.

Under the mechanism, a maximum of $4 million will be provided to successful inventors, researchers, and entrepreneurs to file patent applications locally and internationally for their products or inventions, and the fund will cover up to 80 percent of the total cost of the project. .

Christopher Brown, director of the BIGEE program, makes a comment to a reporter at a forum held on December 7.

Natalie D’Oyen, Intermediary Relations Technical Coordinator, BIGEE Program

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