Growth & Jobs | MSMEs to benefit from grant

ONE HUNDRED micro, small and medium-sized enterprises (MSMEs) are to benefit from capacity-building, technical assistance, or grants during the new fiscal year.

This intervention and other activities will be supported with an allocation of $849.9 million under the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) project.

The funds, which have been provided for in the 2022-23 Estimates of Expenditure, will also be used to facilitate the training of 25 business development organisations.

Being implemented by the Development Bank of Jamaica with funding from the Inter-American Development Bank, the project seeks to promote sustainable and robust growth among start-ups and MSMEs in Jamaica.

Up to December 2021 under the project, an Innovation Grant Fund for medium -sized firms was launched and 10 applicants assessed; marketing activities were undertaken to promote the BIGEE project and spur interest among entrepreneurs; and the design of the SideCar Fund investment instrument for start-ups was completed.

In addition, the design of phase three of the Seed Fund /Innovation Grant from New Ideas to Entrepreneurship (IGNITE III) programme was also completed.

IGNITE III provides technical assistance and grants to eligible, innovative start-up entrepreneurs and small businesses to assist in idea development, commercialisation or scaling of new products/service, innovation ventures, business models, or penetration of new markets.

The project is scheduled to run from April 2020 to March 2025.