The Development Bank of Jamaica (DBJ) will pay out $72 million in grant funding to recipients of the Innovation Grant from New Ideas to Entrepreneurship programme (IGNITE).

On Tuesday, 27 companies were awarded up to $4 million each ( 70 per cent of the project cost ) to facilitate the implementation of business activities to support the creation and growth of innovative business ventures on the local market.

The following top 10 companies received grant funding of $4 million each from DBJ: Castor Black Gold Jamaica Ltd, manufacturers of castor oil for the export market; True Shade Cosmetics Ltd, manufacturers of all-natural makeup and cosmetics; Pure Marketing Mobile Media, manufacturers of digital and interactive machines designed to interact and collect data from shoppers; Complete Nutrition Care Diet Centre, which provides one-on-one health consultation sessions and well-portioned meals; EcoFarms, producers of gourmet honey products; Image and Glory Laboratories Limited, manufacturers of a laundry gel that deep-cleans laundry and protects colours; Island Fruit Snack and Desserts Ltd, producers of all-natural sorbets; Microspex (PAQ), manufacturers of monitors to detect pathogens and allergens in the air; Listen Mi Caribbean Ltd, producers of educational interactive web apps; and Kimroy Bailey Robotics, manufacturers of a versatile educational robotics kit that can be used in multiple subject areas.

Other awardees receiving between $1 million and $2.5 million include: AliveWireAct, Aquaflow Products and Services, Baughaus Design Studio, Blue Dot Data Intelligence Ltd, Bresheh Enterprises, Cold Bush Organics Ltd, Factory 75 Company Ltd, Herboo Corporation Ltd (last year’s winner of the

Jamaica Observer’s Mogul in the Making) , Ingenuity Technologies Ltd, Irie Rock Yaad Spa, Jerdis Electronics Solutions, Miramorai Interactive Learning Solutions Ltd, One-on-One Educational Services, Sweetie Confectionery, Temper Tantrum Ltd, Limners and Bards Ltd and Who-to-Use.com.

According to the DBJ, the grants will be channelled through Business Service Intermediaries (BSIs) — the Branson Centre of Entrepreneurship, Jamaica Manufacturers Association and the Jamaica Business Development Corporation, which has responsibility for channelling the funds to the entrepreneurs and firms. The BSIs also have responsibility for assisting the DBJ in the monitoring of the objectives agreed on with each individual beneficiary.

Expectations are that the projects can generate revenues of more than $1 billion and create jobs for more than 200 individuals. Additionally, foreign currency can be gained through the export of products and services.

In applauding the DBJ on the pilot project, Prime Minister Andrew Holness noted that the Government is keen on facilitating the development of businesses that will grow the economy.

“The DBJ is playing the role of a market maker. It sees that there is an opportunity for many young people – brilliant, innovative, natural entrepreneurs. But they may not know how to write a business plan or how to access financing, or they may not understand the processes of going to set up a successful business,” Holness stated. “And so what the DBJ has done is to pair that talent with the resources, and that’s the role and function of the Government.”

Over the years, the DBJ has implemented funding facilities to assist start-up entrepreneurs in financing the company’s operation. In 2014 the bank introduced the Voucher for Technical Assistance programme aimed at providing technical assistance to SMEs encountering structural problems when seeking to access funds from financial institutions.

The voucher provides up to $300,000 in grant funding for critical business development services such as business plans, financial statements, marketing & strategic plans. The DBJ has also established a partial guarantee facility known as the Credit Enhancement Facility (CEF), which assists MSMEs without the necessary collateral to access loans from financial institutions by guaranteeing up to $15 million or 50 per cent of their loan.