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The Development Bank of Jamaica

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Development Bank of JamaicaDevelopment Bank of Jamaica | Photo: Jamaica Information Service

by Venesha Johnson | Associate Writer

Looking to create your own business right here in Jamaica? One thing you will definitely need to get that going is capital, and one of the main sources of capital for many businesses is a loan and that is where the Development Bank of Jamaica can step in and offer you some help.

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Not many people know of the development bank or what they do, so here is a little background about this institution and how they may be able to make your entrepreneurial dreams come through.

History of the Development Bank of Jamaica

The National Development Bank of Jamaica, the Agricultural Credit Bank of Jamaica, and, in 2006, the National Investment Bank of Jamaica, all merged to become the Development Bank of Jamaica, a wholly owned government corporation that was established in 2000.

No matter their socioeconomic standing, all Jamaicans are included in the DBJ's efforts to achieve the Vision 2030 objective of making Jamaica "the place of choice to live, work, raise families, and do business."

It was once a concern that the DBJ only provided large projects finance and technical assistance, but it has strengthened and expanded its support for micro, small, and medium-sized companies (MSME), which are widely acknowledged as the primary drivers of economic growth and development, particularly in developing nations.

What Does the Development Bank of Jamaica do?

Through access to financing, support services, and a partial guarantee facility, the DBJ helps Jamaican enterprises. Through the Public-Private Partnerships and Privatization (P4) programs, the Bank also makes it easier for all Jamaicans to participate in publicly-owned companies, enabling the government to hand over control of public assets to the private sector, which is better equipped to manage them.

The DBJ provides, to all levels of Jamaican entrepreneurs, a range of services that includes:

  • Access to low-cost financing (available through its network of Approved Financial Institutions and Micro Finance Institutions)
  • A partial loan guarantee
  • Renewable energy solutions
  • Technical assistance and capacity development solutions
  • Private equity and venture capital support; and
  • Opportunities to broaden the entrepreneurship and ownership base of the country via privatisation services and public-private partnership options

Financing - ensuring that all viable businesses in the productive, distributive, retail, and creative sectors have access to low-cost funding in the form of business loans for projects and working capital.

In addition to being an anchor investor in private equity and credit Funds, the DBJ has also acted as a catalyst for the growth of the private capital ecosystem. For Jamaican firms, these Funds have offered adaptable alternative funding.

Partner Organisations

The DBJ doesn't make loans to people directly. Instead, it works with partner organizations including Business Development Organizations (BDO), Approved Financial Institutions (AFI), Micro Finance Institutions (MFI), and Business Support Intermediaries (BSI) to offer its goods and services.

The Bank's assets are routed through a network of AFIs and MFIs, who do the initial credit assessment and loan monitoring prior to on-lending to clients. AFIs encompass a wide range of institutions, including commercial banks, credit unions, and investment houses.

The DBJ's connections with AFIs and MFIs are essential to its operations because the Bank's goods and services may be conveniently accessed through these organizations and their island-wide network of branches.

Loan Eligibility

DBJ will grant loans to companies that are based in Jamaica and conducting profitable operations in the country's production and service sectors, including but not restricted to:

  • agriculture/agri-business
  • agro-processing
  • energy efficiency and alternative energy solutions
  • information & communications technology
  • infrastructure; manufacturing
  • mining; business process outsourcing
  • animation; creative industries – film, entertainment & music
  • services; tourism (attractions, accommodations, health tourism, eco-tourism)
  • retail and distribution (for small and medium-sized enterprises only)

The following requirements must be met for your projects to be eligible for loans for DBJ to approve them:

  • A business must be operating and registered in Jamaica.
  • The project must be both technically and financially feasible.
  • Businesses should comply with tax laws.
  • The project will contribute favourably to the growth of the economy by:
  • Foreign exchange earnings and/or savings
  • Employment generation
  • promoting new businesses and growing current ones to boost the economy
  • establishing connections with other sectors
  • Facilitating optimal usage of local raw materials and promoting energy conservation

Getting a loan from the DBJ might be more hectic compared to many other financial institutions, however, if you believe they are the best option for you their advisors will gladly walk you through the process.

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Development Bank of Jamaica Contact Information

  • Address: 11A - 15 Oxford Road, Kingston 5
  • Phone: +1 (876) 929-4000/ +1 (876) 619-4000
  • Email: mail@dbankjm.com

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Return to Jamaican Financial Institutions from Development Bank of Jamaica
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References & Sources For Development Bank of Jamaica

  1. Development Bank of Jamaica, https://dbankjm.com/

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