We’ve seen the global trend of stimulus packages offered by governments to help with stabilising and rebuilding the economy during this novel coronavirus pandemic. In particular, the Ministry of Finance has strategically focused on the micro, small and medium-sized enterprises (MSMEs) sector, intending to accelerate growth through digitisation. This effort is valiant and comes with the backative of $1 billion in approved funding from the Government.

MSMEs that qualify for the Development Bank of Jamaica’s (DBJ) Go-Digital grant of $200,000 can apply for up to $800,000 in two per cent interest loans to be used to enhance their digital capabilities through the DBJ|SERVE Programme. Not only is this exciting news for the MSMEs, but tech vendors everywhere are poised to benefit from this infusion of funds in the market.

This perfect storm of possibilities created an opportunity for a local ecosystem connector, a bridge to fill the gap between the MSMEs and the tech providers. The solution: Jamaica Technology & Digital Alliance’s (JTDA) Go Digital Marketplace. The marketplace intends to match businesses seeking technology support with aligned vendors. The platform will serve as a jump-starter for those seeking to advance their businesses with tech as a significant lever.

A key factor to the success of the Go Digital Marketplace is financial access. The Government has provided the money, accessed through partner financial institutions, but those who run businesses in Jamaica and have tried to get a loan have indicated that the process can be quite demanding. So the question arises: “Will they be able to get the money?”

At a launch event in May, Finance Minister Nigel Clarke said the JTDA 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. We wholeheartedly believe that this is not only true, but also necessary to our economic growth and the security of our MSMEs’ future. The remaining challenge is ensuring that this funding can get into the hands of the MSMEs.

The tech vendors stand ready to support the MSMEs in their quest to build capacity and capability through our tools, resources, and services. Now it’s over to our financial institutions to help us build the ecosystem on which our economic future depends. We will be launching the marketplace at our upcoming BizTech conference, November 10-12. Join us at biztechconf.com.