DEVELOPMENT BANK OF JAMAICA PROVIDES J$20 million GRANT FUNDING TO CARBYNE CAPITAL INVESTMENT TO BUILD OUR REVERSE FACTORING PLATFORM

Kingston, Jamaica December 13th   The Development Bank of Jamaica (DBJ), through its Boosting Innovation Growth and Entrepreneurship Ecosystems (BIGEE) has awarded grant funding to the tune of Twenty Million Jamaican Dollars (J$20 million) to Carbyne Capital Investment (CCI) to build out an interactive and highly secured platform that will benefit Reverse Factoring.  The award was made from the Innovation Grant Fund a programme aimed at medium-sized Jamaican companies with new and innovative processes, products and or services.

About Carbyne

Founded in 2016 Carbyne Capital Investment enables Small and Medium Enterprises (SMEs) to access larger markets both domestically and internationally by eliminating barriers to access finances and overcome cash flow challenges.  With the support of innovative Factor Financing solutions provided by CCI, companies operating in the productive sectors (Mining and Quarrying, Agriculture and Agro-Processing, Manufacturing, IT, Government, Tourism, Health care, HR, Construction, Distribution and Retail) have all been able to use their invoices to secure much-needed cash flow to fund and expand their operations. 

Factoring is a complete financial package that combines working capital financing, credit risk protection and accounts receivable book-keeping. It is offered under an agreement between the so-called ‘factor’ and a seller.  Reverse Factoring financing solution is initiated by the ordering party (the customer/buyer) who is seeking to support the financial capacity of its suppliers to finance their receivables more easily and at a lower interest rate than what would normally be offered.

Christopher Brown, Programme Manager, BIGEE, at the DBJ explains; “The grant we have provided is to develop a technology solution to support the expansion of factor financing for MSMEs and further strengthen the growth of supply chains in Jamaica and regionally. The technology solution will also support the streamlining of internal processes to ensure Carbyne can efficiently manage client on boarding activities while ensuring client account data is properly managed, updated, and communicated. This will enable the client to have an easy-to-use software interface to submit the documentation necessary for on boarding and disbursements, view factor credit limits, and track factor credit due dates. This will ensure MSMEs are able to obtain access to much-needed capital to support their expansion to meet the growing needs of both a local and international marketplace.”

Mr. Brown continues; We have since 2020 awarded grants totalling J$190 million to some 12 medium-sized Jamaican companies that are doing phenomenal work in the Jamaican economy.”

David Wan, Acting Managing Director, DBJ, states; “The DBJ is excited at this new approach that the Carbyne team has embarked on.  Many SMEs require alternative financing solutions to those more popular traditional financial products. These solutions are essential and will improve doing business for Jamaica’s productive sector in the area of purchases and collection.”

Lu’ Shana Cheddesingh, Technical Coordinator under whose portfolio the Innovation Grant Fund falls states; “The grant to Carbyne Capital Investment was awarded in 2023 (Cohort III).   On 2 January 2024, we will re-open the Application Window for Cohort 4, we are therefore urging all medium-sized Jamaican company with new and innovative products and service to apply through our website at www.thikbigee.com.  Companies can access up to Twenty Million Jamaica Dollars (J$20 million).”

About DBJ-BIGEE

BIGEE – Boosting Innovation Growth & Entrepreneurship Ecosystem – is the Government of Jamaica (GOJ) five-year project valued at US$25 million and financed by the Inter-American Development Bank (IDB). The Development Bank of Jamaica (DBJ) is the Executing Agency. The Agreement was executed between the GOJ and the IDB late 2019; however, there were unforeseen delays in the launch due to the onset of the coronavirus pandemic. The objective of BIGEE is to promote sustainable and robust growth among start-ups and Micro, Small and Medium Enterprises (MSMEs) in Jamaica.  In 2021 based on the performance of the programme, the European Union (EU) awarded a non-reimbursable grant of US$8.2 million to support the initiative. 

The DBJ, a wholly owned institution of the GOJ has assumed a catalytic role for initiatives that have significantly impacted MSME development over the years; this makes the institution a good fit to successfully implement the GOJ’s and IDB’s vision for the programme.

For further information, please contact:

Pauline S. Nelson

Communication Specialist, BIGEE

Development Bank of Jamaica

11a-15 Oxford Road

Kingston 5

(876)-929-4000 ext.4172; (876)-797-5103

www.thinkbigee.com