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In 2014, the Development Bank of Jamaica (DBJ) introduced the Voucher for Technical Assistance (VTA) to help small businesses develop their operations to improve their creditworthiness. This is in keeping with the DBJ’s mission to provide opportunities to all Jamaicans to improve their quality of life through development financing and capacity building.
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Voucher
VTA Programme provides partial grants to micro, small and medium-sized enterprises that operate specifically in the productive sectors.
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Supporting emerging technologies at the early stage of commercialization,
Voucher for Technical Assistance (VTA) Categories
Auditing Services
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Financial Statements
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vta Info
Micro Size Businesses with Less than J$15M sales/annual revenue
Small Businesses with More than J$15M, but less than J$75M
Micro and small entrepreneurs who operate businesses in all the traditional industries, as well as those operating in emerging industries, qualify for assistance under the programme.
It is important for the entrepreneur to be aware that the DBJ’s Voucher for Technical Assistance (VTA) Programme not only improves the business’ ability to access funding but also assists in maintaining sustainable business operations.
Instances where Vouchers are Used/Needed:
- When an entrepreneur applies for a loan at an Approved Financial Institution (AFI) their application may be denied because of gaps in their management capacity. The AFI loan officer may recommend assistance by way of a Voucher for Technical Assistance which may improve the client’s chances of accessing a loan.
- An entrepreneur who does not wish to access a loan but wishes to improve his/her business operations, or prepare for other types of investment, may apply for a voucher online on the DBJ’s voucher website (www.dbjvoucher.com).
How the Process Works?
1. Register
- On the VTA website (www.dbjvoucher.com), follow the Create New Account process. After this is complete, an email will be sent you. The email will show your username as well as instructions on how to set a password. This will activate the account.
2. Apply
- After activating your account, you will be required to create a business profile with all infomation relevant to your business. You may add more than one business if needed. When this is complete, you will be ready to apply for a voucher either directly through the website or through your loan officer at the Approved Financial Institution.
3. Select BDO
- After application, the DB) takes 3-5 working days to process the application. During this time, the applicant should choose a Business Development Organisation (BDO) to carry out the business service applied for under the VTA programme and start a conversation with the organisation.
- A list of approved BDOs is available on the website (http://www.dbjvoucher.com/bdos).
3. Voucher Issued
- Upon approval, the Voucher is issued electronically. The Voucher will not be printed and handed to you. When a Voucher is issued, you will receive an automatically generated e-mail with a reference number. This should be taken to the BDO to access the required service. The BDO will be required to hold discussions with you to determine how the VTA will improve your chances of getting a loan or improve your business in general.
4. Voucher Redeemed
- The Voucher is considered redeemed after your 30% deposit has been made and the business service has been completed. The voucher covers up to 70% of the cost of specific services ranging from J$50,000 to $200,000. You are required to cover the rest of the cost as a deposit to the BDO. After the BDO completes the service, the BDO will then be able to request payment from the DB).
How the Process Works?
1. Register
- On the VTA website (www.dbjvoucher.com), follow the Create New Account process. After this is complete, an email will be sent you. The email will show your username as well as instructions on how to set a password. This will activate the account.
2. Apply
- After activating your account, you will be required to create a business profile with all infomation relevant to your business. You may add more than one business if needed. When this is complete, you will be ready to apply for a voucher either directly through the website or through your loan officer at the Approved Financial Institution.
3. Select BDO
- After application, the DB) takes 3-5 working days to process the application. During this time, the applicant should choose a Business Development Organisation (BDO) to carry out the business service applied for under the VTA programme and start a conversation with the organisation.
- A list of approved BDOs is available on the website (http://www.dbjvoucher.com/bdos).
3. Voucher Issued
- Upon approval, the Voucher is issued electronically. The Voucher will not be printed and handed to you. When a Voucher is issued, you will receive an automatically generated e-mail with a reference number. This should be taken to the BDO to access the required service. The BDO will be required to hold discussions with you to determine how the VTA will improve your chances of getting a loan or improve your business in general.
4. Voucher Redeemed
- The Voucher is considered redeemed after your 30% deposit has been made and the business service has been completed. The voucher covers up to 70% of the cost of specific services ranging from J$50,000 to $200,000. You are required to cover the rest of the cost as a deposit to the BDO. After the BDO completes the service, the BDO will then be able to request payment from the DB).
OverView
This window will support emerging technologies at the early stage of commercialization, looking to transform their scientific discovery into market-ready products and services or penetrate new market.
Businesses in the Early Stage are eligible for up to J$7M in grant financing.
Eligibility requirements for Early Stage businesses
Prototype or product created and tested with the market
– demonstrated market traction indicated by sales
Maximum of J$7M
70% of the total project cost
Average annual revenue of last three (3) year’s revenue must be at least 50% the amount of grant resources being applied for.
Maximum revenue of J$75M
Provide or demonstrate access to 30% of the total project cost committed to the execution of the IGNITE project.
Minimum cash required as counterpart 50% (15% of total project cost)
This must include all associated labour cost required to successfully implement the said project
The product or service has no adverse environmental impact.
Prototype or product created and tested with the market
– demonstrated market traction indicated by sales
Registered company and business operating for a minimum of two (2) years and a maximum of seven (7) years
Maximum of J$7M
70% of the total project cost
Average annual revenue of last three (3) year’s revenue must be at least 50% the amount of grant resources being applied for.
· Maximum revenue of J$75M
| Provide or demonstrate access to 30% of the total project cost committed to the execution of the IGNITE project. Minimum cash required as counterpart 50% (15% of total project cost) This must include all associated labour cost required to successfully implement the said project |
The product or service has no adverse environmental impact.
The following outlines the eligibility requirements for the Innovation Grant Fund :
How much can I access through this fund?
How much of the project is the grant able to cover?
What type of businesses are eligible?
Must my business be a registered company?
How long after I apply do I have to wait to receive funding assistance?
The application window is six weeks (21st April 2023 – 2nd June 2023) Once your application has been reviewed and all documents received and are in order you will be contacted.
Which sectors are eligible to access this fund?
What is the interest rate and timeline for the payback?
What are some examples of in-kind contributions?
Do I have to have an innovative product to apply for this fund?
What stage should the innovation project be?
What types of innovative projects can be funded?
The following outlines the eligibility requirements for the Innovation Grant Fund :
How much can I access under IGNITE III?
The Ideation Window offers applicants up to J$3Million in grant, and Commercialization Window offers up to J$7Million in grant.
How much do I need to be earning to obtain a grant?
Your business must have revenue not exceeding J$75 Million annually.
How long does my business have to be in operation to apply for IGNITE?
Ideation: Registered company and business operating before April 1, 2020 (minimum 1 year old) and no earlier than April 1, 2014 (not exceeding 7 years old)
Commercialization: Registered between 2 and 7 years
What is the process to submit my application?
Applications can only be submitted via the website.
Which sectors are eligible to access this fund?
1. Software and ICT Industries
2. Artisan products and Creative Industries
3. Agri-Tech
4. Light-Manufacturing
5. Climate change,
6. Gender inclusion and
7. Innovation in emerging technologies (including Big Data, Manufacturing, Electronics, Biotechnology Artificial Intelligence, Cybersecurity, etc.).
What are the interest rate and timeline for the payback of this product?
The IGNITE grant is not a loan and is non-repayable.
What are some examples of in-kind contributions?
An in-kind contribution is a contribution of a good or service other than money which includes donated services, donated goods, or labour that can be valued.
Do I have to have an innovative product to apply for this fund?
In order to remain competitive, it is strongly encouraged that you are planning to execute an innovative venture.
Who are the BSI?
Business Service Intermediaries (BSIs) will assist you to prepare your application and if selected will create your development plan and provide project management support during the implementation of the programme over the 12 month period. See our List of BSIs
How much can I access through this fund?
How much of the project is the grant able to cover?
What type of businesses are eligible?
Must my business be a registered company?
How long after I apply do I have to wait to receive funding assistance?
Which sectors are eligible to access this fund?
What is the interest rate and timeline for the payback?
What are some examples of in-kind contributions?
Do I have to have an innovative product to apply for this fund?
What stage should the innovation project be?
What types of innovative projects can be funded?
Jamaica Business Development Corporation
Amanda McKenzie
Manager, Project Management & Research Department
14 Camp Road | Kingston 4
Email: [email protected]
Tel: (O) 876.928.5161-5
Jamaica Manufacturer’s and Exporters Association
Najuequa Barnes
Manager, Business Development and Programmes
85A Duke Street, Kingston
Email: [email protected]
Tel: 876 922-8880-3
Scientific Research Council
Carlinton Burrell
Project Manager
Caribbean Climate Innovation Centre
Hope Gardens Complex, Hope Gardens
P.O. BOX 350, Kingston 6
Email: [email protected]
Tel: 876 927 1771 (office)
University of Technology, Jamaica,
Andrea Bolton-Fyffe
Incubator Manager
University of Technology
College of Business and Management
Technology Innovation Centre,
237 Old Hope Road, Kingston
Email: [email protected]
Tel: 876-970-5501 Ext 2501, (876) 322-8025 (CUG)
Sisters’ Ink Jamaica Limited
Opal Levy
Director
Suite # 6, 107A Constant Spring Road, Kingston 8
Email: [email protected]
Tel: 876 649 0484, 876 615 3375, M: 876 431 8823
Kingston Creative Limited
Andrea Dempster Chung
Executive Director
107 Harbour Street, Kingston
Email: [email protected]
Tel: (O) (876) 546-6943
TBR Lab
Kirk-Anthony Hamilton
Co-Founder and Director
Robin Kelton Building, Choc Bay, Castries, St. Lucia
Email:
Resources
VTA'S REACH
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