Ronald Dubrisingh, JBF Fund Manager (second from right) with fisherfolk and stakeholders at the launch of the B&D Trawling led, live-lobster wells project in Rocky Point, Clarendon.

In 2016, when Ronald Dubrisingh, the future Fund Manager of the Jamaica Business Fund (JBF) saw the design of the proposed grant funding initiative for MSMEs, he immediately wanted to be involved because of the novel and innovative approach that the project would take. This design, partnering smaller firms (SMEs), who often have difficulty accessing reliable capital and markets with larger firms with supply constraints, would allow each to grow and prosper. The SMEs would expand production and income using the most modern practices and the larger firms would be able to grow their market share, particularly in export markets.

By providing grant and other technical support, the JBF is resolving supply chain issues and is also nurturing the relationships among the supply chain members. The supply chain relationship is sustainable, because it is built not only on trust, but on commercial relationships and self-interest among all parties.

The JBF has many success stories thus far with over 400 MSMEs benefitting, many being small scale farmers, fisherfolk, craft producers and woodworkers. The sectors covered range from the Creative, Furniture Processing, Fisheries, Agro-processing and Agriculture industries. The JBF seeks to support innovative, not-business-as-usual projects. As such, initiatives cover such things as smart app development, climate adaptive technology, disease resistant inputs, clean planting material, business development training and overall import substitution activities. A further feature of the JBF is that it is a reimbursable grant scheme which covers up to 70% of the cost of the project. Often, the larger firm, through its relationship with its trusted supply chain members, will undertake the expenses on their behalf. This allows for the successful completion of project activities without delays in the benefits to MSMEs, and a short turn-around time for increases in supplies to meet market obligations for the larger firms.