Prime Minister Andrew Holness, has announced measures to support the entertainment sector, which will reopen tomorrow (Fri)
These include a special $150-million window to be created by the Culture, Health, Arts, Sports, and Education (CHASE) Fund to assist musicians, entertainers, theatre production companies, and promoters of festivals and events.
The Prime Minister said more details, including criteria for access, will be made available shortly.
He was making his contribution to the 2022/2023 Budget Debate in the House of Representatives this afternoon.
Mr. Holness said that the Development Bank of Jamaica DBJ will establish a special Entertainment Restart Loan Facility totalling $500 million.
Under this facility, $250 million will be reserved for microenterprises, including vendors supporting the entertainment industry.
They will be able to access loans of up to $750,000 from DBJ-accredited microfinance institutions for working capital, equipment, and refinancing.
An additional $250 million will be reserved for small and medium-sized enterprises that will be able to access loans of up to $5 million through participating DBJ microfinance and approved financial institutions.
Mr. Holness said the DBJ will be working out the details with these entities with a view to launching the facility in April 2022.
The Prime Minister said that the municipal corporations have agreed to cut permit fees by 50 per cent for the first six months of the reopening of the entertainment industry.
He indicated that he has also directed that all government entities that rent venues examine the possibility of cutting their rental rates or making the venues rent-free for defined events.
