The Development Bank of Jamaica (DBJ) has introduced a new funding initiative aimed at helping Jamaican businesses, particularly micro, small, and medium-sized enterprises (MSMEs), reduce their energy expenses and become more sustainable.

The Enhanced Energy Audit Programme (EEAP) is designed to address the critical need for businesses to lower energy costs, manage risks from fluctuating fuel prices, and transition to renewable energy sources. The programme aims to bring more solutions for local MSMEs which are often faced with significant operational challenges, largely due to energy inefficiency and their reliance on imported fossil fuels — factors which not only raise operational costs but also diminish competitiveness and profitability.

The DBJ, in recognising that access to technical expertise and financing remains a major barrier, said that while there is a clear interest in transitioning to renewable energy, many businesses struggle to access the technical advice and financial resources necessary for making such investments.

As such the EEAP, it said, is designed to solve this problem by eliminating financial obstacles and support businesses in their energy transformation journey. Through the programme, businesses can access initial financing of up to $200,000 to conduct a professional energy audit led by a DBJ-certified energy manager. The audit, a key component of the programme, provides a comprehensive road map for improving energy efficiency and identifies the necessary capital investments to implement the recommended changes.

Once businesses implement the energy-saving measures identified in the audit — financed through DBJ’s available energy financing options — they can become eligible for a rebate of up to $300,000. This rebate helps offset the cost of the audit and encourages faster adoption of energy-efficient solutions.

Dr David Lowe, managing director of DBJ, in emphasising the significance of the programme, said that the EEAP represents a bold step in empowering Jamaican businesses to take control of their energy usage.

“By overcoming both the technical and financial hurdles that prevent enterprises from adopting energy-efficient solutions, DBJ is driving productivity, resilience, and sustainability across the economy,” he said.

First Global Bank (FGB), one of DBJ’s approved financial institutions, has already introduced a dedicated green financing programme in alignment with the EEAP. The programme focuses on accelerating the transition to renewable energy, particularly for businesses in energy-intensive sectors like manufacturing, agro-processing, and hospitality.

“This partnership with the DBJ represents a strategic step forward as we align with the goal of Jamaica meeting its target of generating 50 per cent of its electricity from renewable sources by 2030. By reducing barriers and giving access to much needed capital, FGB stands ready to support the sustainability progress all businesses need to grow,” noted Howard Smith, vice-president corporate and commercial banking at FGB.

The DBJ said that in its role as development financier, it is pleased to have unlocked another tool geared towards stimulating economic growth while facilitating access to financing and business support services needed for the growth of MSMEs and other strategic sectors.

“This inclusive approach reinforces our commitment to driving national development by ensuring that every Jamaican enterprise has access to sustainable financing options,” the financial institution said.