Exim Bank earmarks $100 million to assist SMEs expansion online

The National Export-Import Bank of Jamaica (EXIM Bank) has earmarked $100 million for an e-commerce fund to assist small and medium-size enterprises (SMEs) in expanding their businesses online.

Through a partnership with the Jamaica Manufacturers and Exporters Association (JMEA), the 'EXIM Ecommerce Funder' will finance up to 80 per cent of the associated costs of critical inputs for SMEs which are in the process of or are interested in trading through an e-commerce platform.

The facility offers up to $5 million per entity, at a rate of five per cent per annum.

It is a medium-term, non-revolving, secured loan, with up to three months moratorium on the principal repayments, where required.

During the launch on Friday at the EXIM bank's headquarters on Hope Road, St Andrew, Business Development Consultant, Winston Lawson, said while there are “vast and potentially impactful advantages” of operating a business in the virtual space, the inputs that drive sales may require funding.

These inputs, he noted, include the relevant equipment and systems; registration of a domain; server setup; hosting services; development of a website and security features; high-quality product shots and videos for website catalogue; establishment of payment gateways; search engine optimisation and online marketing, and copywriting and inventory management.

Lawson said it is hoped that the new facility will increase export sales and upgrade the SMEs' e-commerce platforms to reach global markets.

Permanent Secretary in the Ministry of Industry, Investment and Commerce, Sancia Bennett Templer, for her part, endorsed the initiative, stating that “we fully support funding for e-commerce.”

“It is clearly part of the broad ecosystem that the Prime Minister [the Most Hon. Andrew Holness] speaks about in terms of making Jamaica a digital economy,” she said.

Bennett Templer noted that the Ministry continues to work on various programmes geared towards MSMEs and technology, in addition to the efforts of the Development Bank of Jamaica (DBJ) to support the digitisation of the country's small business sector.

Managing Director, EXIM Bank, Lisa Bell, who also welcomed the “glorious partnership”, said the institution's intention is to offer support to SMEs in the post-COVID-19 pandemic era, where consumer patterns have changed globally.

In her remarks, Chief Executive Officer, JMEA, Kamesha Blake, congratulated the EXIM Bank for providing alternative financial solutions and niche products to drive business expansion and economic growth in Jamaica.

Financing under the 'EXIM Ecommerce Funder' are accessible directly from the EXIM Bank, and the customary standings for business lending will be upheld.

For more information, persons can contact the bank through their website: www.eximbankja.com.

- JIS News

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