DBJ assists micro and small enterprises with digital transformation

THE range of business services utilised by micro and small enterprises (MSEs), which is financed under the Development Bank of Jamaica's (DBJ) Voucher for Technical Assistance Programme (VTAP), is being widened to incorporate digital transformation.

According to general manager for strategic services at the DBJ, Christopher Brown, this is to enable eligible MSEs to acquire the requisite Web-based tools and other inputs that will reposition them to function more seamlessly during and after the novel coronavirus (COVID-19) pandemic.

The voucher, which the bank introduced five years ago, is one of several MSE-tailored products that targeted entities can use to access technical support services from the DBJ's accredited Business Development Organisations (BDOs).

The minimum eligibility criteria require entities to be registered with the Companies Office of Jamaica.

Brown told JIS News that each applicant is able to secure up to a maximum of $200,000 in grant financing that is facilitated in the form of a voucher.

This, he pointed out, covers some 70 per cent of the cost of the provisions being sought, “so the client would need to pay the difference to the Business Development Organisation”.

Brown said the provisions currently financed include business and marketing plan development; product testing and formulation support; and the generation of financial statements.

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