In a bold move to support Jamaica’s micro, small, and medium-sized enterprises (MSMEs), National Commercial Bank Jamaica Limited (NCB) has launched the NCB SME Growth Fund, a groundbreaking initiative aimed at providing easier access to financing at more affordable rates. The J$1 billion fund, set to be available from March 31, 2025, is part of the bank’s ongoing commitment to fostering business growth, job creation, and long-term economic development.
The NCB SME Growth Fund is tailored specifically for businesses in need of working capital and capital expenditure loans. It offers a significant benefit with interest rates reduced by up to three percent, making it a game-changer for MSMEs seeking lower-cost financing to fuel expansion. In addition to this, NCB is reducing the interest rate by 0.25 percent across all SME loan products, extending these financial advantages to a wider range of businesses beyond the fund itself.
Bruce Bowen, CEO of NCB, emphasized the importance of affordable capital in driving the success of small businesses. “We understand the challenges businesses face when accessing affordable financing, and the NCB SME Growth Fund is our way of making capital more accessible. It’s not just about providing money; it’s about creating opportunities for Jamaican businesses to grow, thrive, and create jobs. This fund is a key part of our strategy to support entrepreneurs who are building Jamaica’s future.”
The fund is designed as a direct response to ongoing concerns from SME advocacy groups and policymakers about the high cost of borrowing and the challenges in securing financing. Perrin Gayle, Executive Vice President of Retail Banking at NCB, highlighted that the initiative was created to address the financial pain points voiced by business owners across the island.
“We’ve listened to business owners, and we know that the cost of borrowing and access to financing have been key concerns. This is why we’re acting on it now,” Gayle said. “We’re responding to the Bank of Jamaica’s recent interest rate reductions, which have made it possible for us to lower rates on SME loans, helping businesses gain access to capital at a much more sustainable cost.”
To qualify for the NCB SME Growth Fund, businesses must meet certain criteria. Eligible businesses should be registered with annual revenues between J$15 million and J$425 million, have been in operation for at least one year, and have been registered for a minimum of two years. The fund is available to a wide range of industries including agriculture, tourism, manufacturing, energy solutions, transportation, retail, and more.
With funding available on a first-come, first-served basis, businesses are encouraged to apply early to secure their share of the J$1 billion allocation. The NCB SME Growth Fund marks a critical step forward in ensuring that Jamaican SMEs can access the financial support they need to continue playing a vital role in the island’s economy.
