THE Development Bank of Jamaica (DBJ) has launched the seventh cohort of its Jamaica Business Fund (JBF), inviting applications from business clusters seeking to enhance productivity and competitiveness. The latest call for proposals, which runs from February 10 to March 19, offers successful applicants grant funding of up to US$250,000 under the Boosting Innovation Growth and Entrepreneurship Ecosystems (BIGEE) programme.

“This cycle is targeting projects seeking to strengthen the climate resilience of micro, small, and medium-sized businesses while simultaneously increasing their productivity through strategic investments in knowledge, equipment, and technology so that they may thrive in an evolving global economy,” stated Edison Galbraith, acting managing director of DBJ.

Key features of this cycle of the JBF include a requirement for each cluster to have a minimum of four beneficiaries, the submission of proof of counterpart funding — where the grant covers 70 per cent of the total investment — and a focus on projects aimed at increasing productivity, expanding into new markets, boosting exports, or promoting import substitution. Counterpart funding can be provided in either cash or in-kind contributions, with at least 50 per cent required to be in cash. In-kind contributions typically include, but are not limited to, unpaid time spent on the project.

“We do not provide matchmaking services. We are looking for clusters already working with each other who have identified opportunities to improve that relationship and improve efficiency,” Christopher Brown, programme manager, BIGEE at the DBJ clarified.

The JBF supports two types of business groupings: horizontal business alliances and vertical business alliances. A horizontal business alliance consists of a group of at least four companies that collaborate to enhance their productivity and competitiveness by leveraging economies of scale. Meanwhile, a vertical business alliance includes an anchor firm (main buyer) and its suppliers, working together on a project aimed at improving productivity and strengthening the competitiveness of the entire value chain.

“Given the current challenges facing the Caribbean and the world, the Jamaica Business Fund prioritises climate-resilient solutions, recognising that adaptation and mitigation innovations are essential for Jamaica’s sustainable economic growth,” said Brown.

He highlighted examples of climate resilience projects that would be considered strong applicants in this cycle. These include projects focused on climate adaptation, such as better water and natural resource management. Businesses operating in the blue economy, including fisheries and marine services, would also be well-suited for funding. The selection criteria include the strength of the cluster, market opportunity and viability, project team, and budget. The DBJ is encouraging interested applicants to apply by completing the application form online at www.thinkbigee.com.

Since its launch in July 2016, the JBF has received $957 million in investment from the Government of Jamaica across four cycles. In 2023, the DBJ expanded the model under its BIGEE programme, allocating an additional $513 million across two cycles.