KINGSTON, JAMAICA: The Development Bank of Jamaica (DBJ) and the Natural Resources Conservation Authority (NRCA) signed a Memorandum of Understanding (MoU) at DBJ’s offices on Friday, April 13, to establish a formal framework that will guide collaboration between the entities as it relates to thesupport given to small and medium-sized enterprises (SMEs) under the Foundations for Competitiveness and Growth Project (FCGP).

DBJ Managing Director Milverton Reynolds and NRCA Chairman Danville Walker signed the MoU in the presence of FCGP Component 3 Coordinator Andrea Livingston-Prince, National Environmental Planning Agency (NEPA) Chief Executive Officer Peter Knight, NEPA Director of Human Resource Management Dr. Karlene Hamilton-Reid and NEPA Small Business Applications Coordinator Jan Lopez. NEPA operates as an agency under the NRCA.

“The whole aim [of the MoU] is to release the potential of small and medium-sized enterprises, to remove barriers and the challenges that they face in complying with planning and environmental regulations,” said Knight. “We want the small and medium-sized businesses to feel confident in what we do for them and how we can assist them.”

Walker, who noted that SMEs are the pathway to growth for Jamaica, said, “There are fears that small business people have when they face any regulatory agency. What we need to change the culture to is one where they expect a helping hand. It is already there, but perception can outweigh the reality sometimes.”

Loan and grant funds, available through DBJ, provide practical support via a full-time environmental specialist who focuses on not only the costs and techniques of securing regulatory compliance in accordance with its own capacity, but also manages opportunities using practical and innovative practices to gain business advantage and improve operating results. Examples include replacement of electrical equipment, safety measures for risk reduction and implementation of climate-smart methodologies for increased business competitiveness and continuity.

Walker described the MoU as providing a lane for businesses to be compliant. “It is good business and good sense to be in compliance. And many times, it affects your bottom line in a positive way. You can get some good help for very little cost,” he said.

Reynolds agreed with the statements made and indicated his desire for small business owners to be made aware of the support available to them through the DBJ network. Under the MoU, the NRCA will expedite applications for funding under the FCGP and work closely with the DBJ to provide relevant information and education to SMEs, financial institutions such as commercial banks and micro-finance organisations, and private sector bodies such as the Jamaica Manufacturers’ Association (JMA) and Jamaica Exporters Association (JEA).

Through DBJ, funds are disbursed under the Small Business Facilitation Component of the FCGP in the form of loans available through approved financial institutions and productivity grants to local supply chains, facilitated by the Jamaica Business Fund (JBF). Special focus is placed upon raising productivity within these SMEs.

The FCGP is a six-year Government of Jamaica project, funded by a World Bank loan, designed to provide support to the nation’s Growth Inducement Agenda. The Planning Institute of Jamaica (PIOJ), in collaboration with DBJ and JAMPRO, is implementing the project. Its objective is to strengthen Jamaica’s business environment for private sector investment.