Growth & Jobs | BIGEE programme continues to empower MSMEs

THE FLAGSHIP initiative of the Development Bank of Jamaica (DBJ), the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) programme, continues to empower local micro, small and medium-sized enterprises (MSMEs) and foster innovation across the country.

The programme is a five-year initiative funded by a US$25-million loan from the Inter-American Development Bank and a US$8.2-million grant from the European Union, aimed at strengthening Jamaica’s entrepreneurial ecosystem and supporting MSMEs.

Acting Managing Director at the DBJ, David Wan, said the programme empowers innovative businesses to grow, scale and become more competitive, both locally and globally, by providing funding, technical assistance and mentorship.

“Since its inception, the programme has helped entrepreneurs turn ideas into sustainable businesses, foster a culture of innovation, and created numerous opportunities for growth and development within the MSME sector,” Wan noted.

“To date, MSMEs have received over US$5.5 million in grants, and organisations have benefited from capacity-building and institutional strengthening,” he added.

Wan pointed out that grants under the BIGEE programme are issued to MSMEs that demonstrate they have an innovative product or service to offer the market, “something that really takes the companies and gives us innovations that will benefit the economy as a whole, create new jobs, expand that company, and maybe incentivise other companies to get into that kind of business, so that is important for really driving small and medium enterprises to another level”.

He noted that while there is no specific area of innovation being targeted, businesses with a focus on energy, climate impact and those led by women are prioritised.

The BIGEE programme is accredited by the Green Climate Fund (GCF), which is a critical element of the historic Paris Agreement – the world’s largest climate fund, mandated to support developing nations’ move towards low emissions and climate-resilient pathways in keeping with the UN Sustainable Development Goals.

“More and more, we see quite a few projects coming to us that are very climate-friendly and [lead] ultimately to the achievement of our Sustainable Development Goals much more than before,” Wan said.

“We have applications from companies that want to utilise all this bamboo that’s growing in Jamaica to make it into a saleable product on the international market, as an example. So, we’re getting more inquiries, as we have announced to the many sectors that we’re accredited by the GCF, and that’s a big driver,” he added.

Wan said even projects that, in their initial stages, are not explicitly climate-friendly, have the opportunity to make adjustments that make them compliant with requirements of the DBJ’s client-friendly loan and grant programmes like BIGEE.

“Several projects that are going on right now that, at first glance, may not seem to be climate-friendly are adapting themselves. As an example, if you’re going to buy a fleet of buses for a transport company and you then buy all-electric buses, you could then apply under a climate-friendly loan programme for that fleet of buses. That suddenly becomes something that can feed into the Sustainable Development Goals,” he said.