Jamaican ‘side hustles’ get $ 1 billion fund: First Union initiative expected to benefit thousands
KINGSTON, Jamaica — Thousands of Jamaican entrepreneurs and employees operating side businesses could soon benefit from a $1 billion fund launched by First Union Financial Company Limited.
The Employees’ Side-Hustle and Entrepreneur Micro Loan Revolving Fund Programme is designed to provide accessible financing to Jamaicans seeking to start, expand or strengthen income-generating ventures while creating greater opportunities for financial independence, business ownership and long-term economic growth, the company said in a release.
According to Group General Manager, Jonalisa Brooks, the programme was developed in direct response to the growing number of Jamaicans seeking additional income streams and entrepreneurial opportunities.
“We have witnessed a significant increase in employees operating side hustle businesses while maintaining full-time employment. Many Jamaicans are looking for practical ways to supplement their income, support their families, and build a stronger financial future. We recognised that there was a need for a dedicated financing programme specifically designed to support these ambitions,” Brooks said.
She noted that the initiative will also provide critical working capital support for existing entrepreneurs seeking to scale and strengthen their operations.
“Access to financing remains one of the greatest barriers facing small business owners. Through this programme, we aim to bridge that gap by providing practical funding solutions for both emerging and established entrepreneurs. Our commitment remains steadfast to being in service to the employees and entrepreneurs of Jamaica,” she said.
Under the programme, qualified applicants may access financing of up to J$2.5 million to support a wide range of business activities, including:
Retail and wholesale operations; agriculture and agro-processing; manufacturing; transportation and logistics; professional services; importation and distribution; technology and digital enterprises and other viable income-generating ventures
The revolving structure of the fund is intended to create a sustainable financing model whereby loan repayments are recycled into future loans, ensuring that capital remains available to support successive generations of Jamaican entrepreneurs.
Brooks believes the initiative comes at a critical time for Jamaica’s economic development.
“Many successful Jamaican businesses began as side-hustles. We understand that thousands of hardworking Jamaicans possess the talent, determination and ideas to build successful enterprises but are often constrained by limited access to capital. This programme is intended to help unlock that potential,” she said.
She continued: “Jamaica needs more entrepreneurs, more business owners, and more job creators. By supporting employees and entrepreneurs who are willing to invest in themselves, we are helping to create stronger communities, stronger businesses, and ultimately a stronger economy.”
The Company is encouraging interested individuals to begin exploring opportunities under the programme and to contact its offices for additional information regarding eligibility requirements and application procedures.
