In a bold move to drive economic growth, National Commercial Bank Jamaica Limited (NCB) has rolled out its new J$1 billion SME Boost Fund, designed to provide affordable financing for micro, small, and medium-sized enterprises (MSMEs). Launching on March 31, 2025, this fund will remain accessible until every dollar is allocated.
NCB’s initiative is a direct response to the long-standing challenges faced by Jamaican entrepreneurs regarding costly borrowing and limited access to capital. Bruce Bowen, CEO of NCB, emphasized, “This fund is our commitment to unlocking the potential of local businesses. By lowering financing costs, we aim to help SMEs invest in growth, create jobs, and secure long-term success.”
Key features of the SME Boost Fund include a preferential interest rate cut of up to 3% on loans intended for working capital and capital expenditure projects. Additionally, NCB is extending a 0.25% interest reduction across its entire portfolio of SME loan products, broadening the impact of its cost-saving measures.
Perrin Gayle, Executive Vice President of Retail Banking at NCB, pointed out that this fund is not only a response to market trends—like the recent series of policy rate cuts by the Bank of Jamaica—but also a proactive solution to feedback from SME advocates and business owners. “For years, we’ve heard from local businesses about the obstacles they face in accessing reasonably priced capital. Our new fund directly addresses these issues, offering a tailored approach to SME financing,” Gayle remarked.
The SME Boost Fund is open to registered businesses that meet specific criteria. To qualify, enterprises should have annual revenues between J$15 million and J$425 million, have been registered for a minimum of two years, and must have operated for at least one year. The fund will support ventures across various sectors, including tourism, agriculture, manufacturing, mining, energy solutions, professional services, retail, and transportation.
As funds are allocated on a first-come, first-served basis, NCB encourages eligible SMEs to submit their applications promptly to take full advantage of this opportunity. With the launch of the SME Boost Fund, NCB is positioning itself at the forefront of fostering a more dynamic and accessible financial environment for Jamaica’s growing business community.
