15 exporters to be bankrolled by DBJ, EXIM
Published:Friday | June 10, 2011 | 12:00 AM
Development Bank of Jamaica (DBJ) and EXIM Bank have come together to bankroll upgrades to productive capacity at 15 companies already in exports or have products ready for the export market under a new programme dubbed 'Export Max: Enterprise Development for Export Growth'.
The initiative, to be executed over a two-year period by JAMPRO - the government's investment promotion agency - under an integrated, multi-agency package, promises at the end of the road foreign currency earnings from deeper export market penetration for the companies.
The assistance promised includes product development, business capacity development and market penetration.
Costed at J$10 million in new spending for the agency for year one, participating companies which will be chosen by competitive tender will each be expected to contribute 20 per cent of costs which include technical services from JAMPRO and discounted services from such agencies as the Bureau of Standards Jamaica. The deadline for application is June 27.
assistance needed
Individual assistance packages will depend on what is needed Marlene Porter, manager of export development at JAMPRO, said Wednesday, noting that some companies might be ready for market location and distribution, while others might need assistance with packaging, restructuring and/or records and proposal preparation for equity or loan financing.
"Export Max falls under Jamaica's National Export Strategy and targets Jamaican exporters and export-ready firms operating within sectors aligned to agro-processing, aquaculture, furniture, coffee, fashion, minerals and mining, ICT, entertainment and education, plus others deemed as qualified, said Delaine Morgan, JAMPRO's vice-president of trade and business development.
Qualifications listed in an advertised tender on Wednesday included the applicant's business experience/export readiness; capacity/ability of the company to meet additional demand/adaptability; potential economic impact and sustainability of the business and project feasibility. In order to be considered for participation in Export Max, companies should attain a minimum score of 70 per cent.
"Export Max aims competitively position companies to take advantage of market opportunities for increased export sales. The programme is designed for participating firms with strong export potential but which lack the required resources to take full advantage of the export market," Morgan said.
two-year timeline
Marlene Porter said new companies without market-ready products will not be included, as the project has a two-year timeline in which to achieve its goals. Work planned will be similar to that done for Pedro Plains Jamaica Jerk (BnRs), Local Spice and Sue Tru, agro-processors who were in the last 24 months identified as companies with enhanced export capacity.
New distributors and markets were secured for the companies. Pedro Plains Jamaica Jerk is a manufacturer of jerk seasonings and sauces. Local Spice is a manufacturer of ready-to-use single-use packets of natural seasonings. Sue Tru manufactures sauces, seasonings, molasses and condiments, and bottles honey.
Under JAMPRO's export programme, Honey Kist, a manufacturer of flavour-infused honey, has also "identified a number of markets over the past year, both local and overseas, with JAMPRO's assistance. This company also received development assistance," Porter said.
The export manager said that the programme will be evaluated with a view to replication following the pilot.