In the wake of Hurricane Melissa’s devastating impact on Jamaican businesses, the Development Bank of Jamaica (DBJ) has stepped in with a substantial $10 billion recovery package. This initiative aims to assist affected enterprises in regaining their operational footing. Eligible businesses can access between $20 million and $50 million through approved financial institutions (AFIs) and microfinance institutions (MFIs).
DBJ Managing Director David Lowe unveiled the M5 Business Recovery Programme during a media briefing at Jamaica House. The programme is structured into three phases: an immediate $1 billion allocation to AFIs and MFIs for onlending, a subsequent $3 billion for additional support, and a $7 billion fund earmarked for sectoral and supply chain rebuilding.
Lowe emphasized that the DBJ has engaged in extensive consultations with stakeholders, including local banks, microfinance institutions, and business associations, to understand the challenges faced by businesses. The bank identified critical gaps in financial access and tailored its support to address both direct and indirect impacts of the hurricane.
The recovery framework includes three product windows: refinancing for indirectly affected businesses, a reboot window for short-term needs and infrastructure repair, and a rebuilding window for long-term recovery of severely disrupted enterprises. Lowe highlighted the focus on key sectors such as agriculture, manufacturing, distribution, and tourism, with targeted support for small and micro businesses.
In addition to the recovery programme, DBJ will introduce a grant initiative to foster innovation and a collateral cash support scheme offering up to 80% coverage for damaged or destroyed loan-secured properties. Lowe stressed the importance of resilience and recovery in the face of future catastrophes, underscoring the DBJ’s commitment to sustainable business support.