A TOTAL of five financial institutions and the Small Business Association of Jamaica (SBAJ) were on hand to endorse and sign a memorandum of understanding (MoU), for the Corporate Finance Broker (CFB) Unit set up by the Jamaica Promotions Corporation (JAMPRO).
The organisations are First Global Bank, SBAJ, and Jamaica Cooperative Credit Union League - all of which endorsed the unit; while the National Commercial Bank, National Development Foundation of Jamaica and the City of Kingston Credit Union signed the MoU.
The unit, which was officially launched on Tuesday in Kingston, will offer financial assistance to all Small and Medium Enterprises (SMEs) participating in the EU/GoJ Private Sector Development Programme (PSDP). The companies to benefit are those which have met the eligibility criteria for funding from the PSDP.
Research has shown that SMEs account for 90 per cent of all industries globally contributing to 50 per cent of GDSP worldwide; while in Jamaica and the Caribbean there is an
estimated 35 to 40 per cent.
