NATIONAL Export-Import Bank of Jamaica (EXIM Bank) has committed $100 million to an e-commerce fund to help small and medium-sized businesses (SMEs) expand their digital presence.
Through a partnership with the Jamaica Manufacturers and Exporters Association (JMEA), the EXIM E-Commerce Funder will fund up to 80 percent of the associated costs of critical inputs for SMEs that are about to, or are interested in, starting on an e-commerce trade to trade. trading platform.
SMBs can access up to $5 million at a rate of five percent per year. It is a medium-term, non-revolving, secure loan, with a repayment moratorium of up to three months if required.
During the launch on Friday September 16th at EXIM Bank’s headquarters in Hope Road, St Andrew, business development consultant Winston Lawson explained that while there are “enormous and potentially impactful benefits” of running a business in the to operate virtual space, but the inputs to drive sales may require financing.
These inputs, he outlined, include the relevant devices and systems; Registration of a domain; server setup; hosting services; Website development and security features; high-quality product shots and videos for the website catalog; setting up payment gateways; search engine optimization and online marketing; and copywriting and inventory management.
Lawson said the goal is that the new facility will increase export sales by enhancing and positioning SMEs’ e-commerce platforms to reach global markets.
Secretary of State for Industry, Investment and Trade Sancia Bennett Templer backed the initiative, stating that “we fully support e-commerce funding”.
“It’s clearly part of the broad ecosystem that the Prime Minister is talking about to make Jamaica a digital economy,” she said.
Bennett Templer pointed out that the Department of Industry and Commerce continues to work on various programs targeting MSMEs and technology, alongside efforts by the Development Bank of Jamaica (DBJ) to support the digitization of the country’s small business sector.
EXIM Bank Managing Director Lisa Bell, who also hailed the “glorious partnership,” said the institution’s intention is to support SMEs in the post-COVID-19 pandemic era, which has seen consumer behavior changing around the world.
In her remarks, Kamesha Blake, Chief Executive Officer, JMEA, congratulated EXIM Bank for providing alternative financial solutions and niche products to drive business expansion and economic growth in Jamaica.
Funding under the EXIM E-Commerce Funder is accessible directly through EXIM Bank and standard corporate lending conditions are maintained.
For more information, people can contact the bank through their website: www.eximbankja.com.