Minister of Finance and the Public Service, Dr. Nigel Clarke is urging persons in the entertainment and transportation sector to take advantage of a $700-million loan that is earmarked for onlending by the Development Bank of Jamaica (DBJ).
The loan is for those whose income-earning activities were disrupted by the COVID-19 pandemic. It will be disbursed through the DBJ’s approved financial institutions and microfinance institutions. A total of $500 million is earmarked for the entertainment industry and $200 million for the transport sector.
The initiative is being implemented under the theme ‘Ready Fi Di Road Again’. The funds can be used for working capital, debt refinancing, and capital expenditure.
Micro entrepreneurs in the entertainment sector, such as food and fry fish vendors can access up to $750,000, with a three-month moratorium on principal payments and up to two years for repayments.
Small and medium enterprise (SME) interests can borrow up to $10 million, also with a three-month moratorium on principal payments and up to five years for loan repayments.
Transport operators will be able to borrow up $750,000 with two-year repayment tenure and a three-month moratorium on principal payments.
The Government has also extended a $25,000 grant provision to transport operators under the COVID-19 Allocation of Resources for Employees (CARE) Programme, for which $90 million has already been dispatched for payment to 3,600 successful applicants.
Dr. Clarke urged the DBJ to assist in publicizing the two loan facilities and encouraged the approved financial institutions and microfinance institutions to do likewise.
“This is precious taxpayers’ dollars that we’re lending, and we’re doing it… to resuscitate our economy. But it only works if people are aware of it. So, I hope you’ll put posters up within your institutions, within the branches which you operate, and on your social media platforms. I encourage you to champion it among your customer bases. We are depending on you [because] it’s a big deal,” he said.
The initiative received the endorsement of Jamaica Music Society (JAMS) General Manager, Evon Mullings; Co-owner and General Manager of City Guide Taxi Service, Daniel Whyte; owner/operator of Blue Diamond Taxicab Company, Milton Chung, and veteran actress and writer, Dorothy Cunningham.
