The Jamaica Business Fund (JBF) signed four grant agreements with anchor firms on behalf of local supply chains on Thursday, April 26, 2018, at the Development Bank of Jamaica (DBJ).

Multi-Firm Grant Signing Event held at the Development Bank of Jamaica

The supply chains will improve their outputs, increase exports and substitute imported goods with the aid of the grants. The signees were B&D Trawling, GK Foods & Services, Jamaica’s Finest Produce and Spur Tree Spices Jamaica, who all act as anchor firms for their respective supply chains which are agro-processors and purveyors of lobster, vegetables, fresh produce and condiments.

Grant Agreement Signing – B& D Trawling Limited

GK Foods & Services: Grace Agro- Processors at Grant Signing

Jamaica’s Finest Company Signs Grant Agreement

Spur Tree Spices Signs Grant Agreement

DBJ Managing Director Milverton Reynolds reminded the meeting about the importance of collaboration, sound business and capacity development strategies for their entire supply chains. DBJ General Manager Christopher Brown commented on the journey of dialogue and management that brought the teams to the point where signing a contract attached to verifiable results is now possible.

JBF Fund Manager Ronald Dubrisingh said, “The four anchor firms represent 55 supply chain beneficiaries comprising fisherfolk, farmers, cooperatives and other stakeholders, which will benefit economically from this intervention. This marks a great day for Jamaica.”

The representatives of each anchor firm thanked the DBJ and JBF for their support and spoke about how the grant would impact their individual businesses, their supply chains and their overall sectors.

Taji Alleyne, general manager of GK Foods & Services, said, “Without these grants, it is almost impossible for a small farmer to become medium-sized.” He mentioned the negative impact of harsh climatic conditions experienced in 2017 and attributed the year’s success to a previous grant that allowed for climate smart technology. “Our sauces and seasonings would not be on the shelves as you see them right now because the level of devastation would have been complete had it not been for the grant,” he said.

A total of 9 SMEs, including small farmers, are expected to benefit from this grant, which has an expected outcome of 220 more jobs within SMEs. The total project cost is around $50 million, nearly half of which will be covered by the JBF grant.

Sean Francis, operations director of B&D Trawling, explained plans to retrofit fishing vessels with live lobster wells to preserve their catch for longer and upgrade the landing site in Rocky Point, Clarendon, to ensure better quality to meet international standards. The company’s supply chain consists of 14 fisherfolk who will all benefit from these developments under the $60 million project, through which more than 30 new jobs are expected at the end. Also present was B&D Trawling Chief Executive Officer (CEO) Roderick Francis.

Oliver Mair, CEO of Jamaica’s Finest Produce, spoke of using improved technology and protected agriculture to increase his 14-member supply chain’s production of Irish and sweet potato and onions, among other crops. Within a year, 14 additional jobs are expected to be created through the supply chain’s $60 million project.

Albert Bailey, CEO of Spur Tree Spices, gave specific targets when he spoke. “We’ll be working with 12 farmers, cultivating about 37 acres of different produce,” he said. The target is approximately a million pounds of produce and an additional 25 jobs within a year. The project cost is around $50million.

By providing grants to SMEs in supply chains, the JBF intends to increase overall sales,
employment, productivity and import substitution levels.

The JBF is a component of the FCGP, 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. Additional information may be found at http://www.jamaicabusinessfund.com.