THE Development Bank of Jamaica (DBJ) has launched its $2-billion Opportunities for Resilient Businesses, Innovation & Transformation (ORBIT) facility to expand access to affordable loans for Medium, small and micro enterprises (MSMEs).

For years, small businesses have struggled to qualify for DBJ funding, often facing hurdles such as having to provide audited financial statements. The bank has signalled it has heard those concerns and is moving closer to making financing more accessible. In its new financing facility, MSMEs will be provided with affordable loans of up to $30 million.

“ORBIT is designed to give MSMEs affordable credit, reasonable terms, and stronger support than they have ever had before. We are breaking down barriers to financing and ensuring that our MSMEs in these critical sectors can partner with us to build resilient, competitive businesses ready to expand into global markets,” said managing director of the DBJ Dr David Lowe.

The facility will allow MSMEs to access loans at an 8 per cent interest rate to compete in what the DBJ classifies as “priority sectors” such as agriculture, manufacturing, health, and the creative industries. ORBIT uses a blended financing model, working through the Bank’s Approved Financial Institutions (AFIs), JN Bank, JMMB, First Global Bank and the National Commercial Bank to disburse loans. To ease financing challenges, it offers repayment terms of up to 10 years and partial collateral guarantees through the DBJ’s Credit Enhancement Fund, which can cover as much as 90 per cent of loans.

“This programme was created by listening to our local business community,” explained Lowe. “Farmers and agro-processors can now invest in climate-smart technologies and storage facilities; manufacturers can integrate automation and modern production tools; health service providers can scale with diagnostics and specialised care; and creatives can secure critical ‘finishing funds’ to bring productions to market.”

ORBIT also integrates DBJ’s access to technical assistance programmes, such as the Energy Audit Grant for energy efficiency, ensuring that financing is paired with enterprise development and capacity building. According to the DBJ’s website, businesses that fall within the mentioned industries, earn under 425 million in annual revenue, and will use at least 60 per cent of the loan for equipment or machinery with the intention to reach new markets will be eligible for ORBIT. The Jamaica Observer reached out to the DBJ to ascertain whether access to the ORBIT facility will require any additional conditions beyond those listed on its website. However, up to the time of publication, no response was provided.