The government through the Development Bank of Jamaica DBJ, has launched the entertainment and transport sector loans.
The loans will allow participants earning less than $15 million to borrow at rates as low as three per cent. This announcement was made during a ceremony on Thursday at the AC Marriott Hotel in Kingston.
The finance ministry says the loans are geared at refinancing micro, small and medium enterprises MSME whose cash flows have been impacted by Covid-19, to reduce significantly current monthly loan payments and allow recovery.
Finance Minister Dr . Nigel Clarke, said the DBJ will be utilising a network of financial institutions across Jamaica that focus on the MSME space, to reach more persons.
The loans will be available for three years at an initial two months moratorium.
No collateral is required as a guaranteed facility is being used.
