FOLLOWING the recent launch of its Tradesperson Ownership Opportunity Loan (TOOL) programme, Development Bank of Jamaica (DBJ) will today kick off the first phase of its TOOL roadshows in Kingston.

The shows, slated to run until Friday, aim to take DBJ’s latest initiative to entrepreneurs and tradespeople in different regions islandwide.

Partnering with a number of suppliers such as Delta Supply Company, K-Ban Hardware, National Supply Company, SCL Jamaica, Rapid True Value, Total Tools, and Hi-Pro, the stops are to get underway at the aforementioned locations, allowing participants to benefit from special discounts on select tools across various trades. Participants will also be given the opportunity to engage with the different microfinance institutions (MFIs) tapped to offer the TOOL loans. The entities include the EXIM Bank, LASCO Microfinance, Bull Investments, JN Bank, and Regions Financial Services.

DBJ’s General Manager David Wan, in commenting on the start of the roadshow, welcomed it as an excellent opportunity for “Jamaica’s tradesmen and tradeswomen to learn first-hand about the financial resources available to them.

“By bringing together our partner suppliers, MFIs, and the DBJ team, we aim to create an environment where contractors can easily access the funding they need to grow their businesses. We therefore encourage everyone to join us and discover how the TOOL Programme can be a game-changer for their business,” he said.

The TOOL, programme created to empower trade sector growth, sees the DBJ offering loans valued at as much as $500,000 to specialised and independent contractors in the areas of tiling, plumbing, carpentry, masonry, hairdressing, and other artisan trades. In benefiting from this financing, skilled workers will be able to acquire the essential tools needed for their respective trades, increasing their chances to improve productivity and expand their businesses.

With approximately $100 million allocated for the programme, some 200 or more artisans are to benefit from the funds. The loans granted under the programme can be further secured by the DBJ Credit Enhancement Facility’s (CEF) partial credit guarantee.

Additionally, participants will also have access to financial literacy training through DBJ’s Growth & Expansion of MSMEs through Innovation & Capacity Building (GEMINI) programme, as well as a chance to be registered in the HEART/NSTA Trust skills bank.

DBJ, in fulfilling its mandate as a State-owned financial institution, was established to provide financial and technical support to various sectors across the country. As a development finance institution the entity plays a crucial role in supporting the growth and expansion of local businesses, particularly micro, small, and medium-size enterprises (MSMEs) as it provides financing through a wide range of business support options whilst promoting entrepreneurship and fostering innovation.

“The TOOL programme represents a crucial step in empowering our local tradesmen and tradeswomen by providing them with the necessary resources to enhance their operational efficiency and business growth. By enabling these tradespeople to acquire vital tools and equipment we are not only supporting their individual businesses but also contributing to the broader economic development of this industry, creating more jobs and opportunities,” Wan further said of the programme’s significance.