Gov’t providing $1 billion for MSMEs to boost digital capacity

The Government, through the Social and Economic Recovery and Vaccine (SERVE) Jamaica Programme, will provide $1 billion to support micro, small and medium enterprises (MSMEs) to go digital.

Minister of Finance Dr Nigel Clarke made the announcement while speaking at the First Global Bank's 4th SME Summit on Wednesday.

Clarke noted that through the SERVE  Jamaica Programme, MSMEs that qualify for the Development Bank of Jamaica's Go-Digital Grant of $200,000 will now be eligible for up to $800,000 in 2% interest loans to be used to enhance their digital capabilities. 

“Our economic recovery becomes more robust and resilient, and our economy becomes more efficient when our MSMEs improve their productivity through the adoption of digital and e-commerce capabilities,” said Clarke.

He further noted that “this funding will facilitate your business, your MSME, to display your products online, to allow the customer to interact with your product online and to purchase your product online. It is essential to recognise that a huge benefit of going digital is the data that the MSME accumulates that can be leveraged to improve your product or service.”

The finance minister acknowledged said this initiative would allow businesses to be more advanced in the digital space as companies will be “more accessible, more competitive and more productive,” thus catalysing growth in the Jamaican economy.

Follow The Gleaner on Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.