Kingston, Jamaica – The Development Bank of Jamaica (DBJ), through its Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) Programme, continues to make significant strides in advancing Jamaica’s innovation landscape and empowering Micro, Small and Medium-sized Enterprises (MSMEs). The programme plays a pivotal role in strengthening the country’s innovation ecosystem, accelerating growth among startups and enabling local entrepreneurs to build globally competitive businesses.

Since its launch in September 2020, the BIGEE Programme has disbursed over US$9.9M to more than 1,462 Jamaican MSMEs. These resources were strategically allocated in line with the Programme’s objectives to catalyse innovation and entrepreneurial development. Under the Innovation Grant from New Ideas to Entrepreneurship (IGNITE) component, 82 early-stage businesses have received support to execute innovation-driven projects, resulting in a 60 percent increase in their sales over the past two years. Similarly, the Innovation Grant Facility (IGF) has assisted 31 businesses, which collectively reported a 25 percent increase in their company’s employment during the same period. This disbursement aligns with the Programme’s strategic plan and projected timelines, ensuring that funding is effectively deployed to support targeted outcomes in innovation, job creation and business growth.

“The BIGEE Programme reflects the Development Bank of Jamaica’s unwavering commitment to building a resilient, innovation-driven economy. By investing strategically in high-potential entrepreneurs and MSMEs, we are not only catalysing sustainable business growth but also strengthening Jamaica’s national capacity for innovation and competitiveness. The success we have seen to date underscores the importance of ecosystem-based support and we remain focused on deepening this impact through continued engagement and the development of future phases,” stated Dr. David Lowe, Managing Director of the Development Bank of Jamaica.

The Programme is financed through a US$25 million Loan Agreement with the Inter-American Development Bank (IDB) and an additional US$8.2 million non-reimbursable grant from the European Union (EU). Initially scheduled to conclude in March 2025, Phase I of the BIGEE Programme has been extended to September 2026. This extension allows for continued monitoring, technical support and engagement with project beneficiaries to strengthen their long-term success and sustainability.

As part of its continued implementation, several BIGEE initiatives remain active and accessible to Jamaican entrepreneurs. These include the Corporate Venturing Programme, which is supported by an allocation of funding of J$300M; the Patent Grant Fund, with J$50M in dedicated funding; and the Angel Investor Fund, which provides J$100M to support early-stage ventures. These initiatives are fully resourced and continue to deliver critical support to startups and MSMEs that are driving innovation, competitiveness, and sustainable economic transformation across Jamaica and the wider region.

With the globally acclaimed success of Phase I of the programme, the design of Phase II is currently underway, where the organisation remains focused on building on the project’s momentum, thereby expanding its reach and deepening its impact across Jamaica’s entrepreneurial landscape.

The Development Bank of Jamaica is an agency of the Ministry of Economic Growth and Job Creation.

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About the Development Bank of Jamaica:

The Development Bank of Jamaica (DBJ) is a leading financial institution that was established by the Government of Jamaica in 2000, through mergers with other development-related institutions, including the Agricultural Credit Bank of Jamaica, the National Development Bank of Jamaica, and the National Investment Bank of Jamaica in 2006.

It operates as a pivotal catalyst for private sector led economic development, primarily focusing on providing financial and technical support to various sectors within Jamaica. DBJ’s primary objective is to stimulate economic growth and development by facilitating access to financing and business support services for micro, small, and medium-sized enterprises (MSMEs) and growth of strategic sectors. As a development finance institution, DBJ plays a crucial role in supporting the growth and expansion of local businesses, financing and business support options, promoting entrepreneurship, and fostering innovation.

DBJ is an Agency of the Ministry of Economic Growth and Job Creation.