IGNITE Program Offers Business Grants

Do you have a great business idea but no funds to develop it? Or perhaps you’re already established but still in the early stage, and you need money for a new product you want to launch. You can qualify for as much as $7 million through the DBJ’s Ignite Programme, which is now accepting applications for its third cohort. General Manager for Strategic Services at the Development Bank of Jamaica (DBJ), Christopher Brown, told us more on #MoneyMovesJa.

The Ignite Program, an initiative of the DBJ, has two components. The first component provides grants for businesses in the early-stage. These are companies that are new, just starting, or been in business for a little while.

“It’s a technical assistance program that allows businesses to get coaching, mentorship, and grants,” explained Brown.

Idea Stage vs. Early Stage

The program has two categories. The first, which is the Idea Stage, allows businesses to get up to J$3.5 million as the grant component. To be eligible in this stage, businesses should be less than two years old and do not need to have any revenue.

The second stage, which is for early-stage businesses, allows businesses to receive up to J$7 million. To be eligible in this stage, businesses should be between two and seven years old and earning less than J$75 million annually.

“You need to earn twice the amount of money you’re trying to access,” stated Brown. “So if you’ve been in business for three years and you earn two million dollars, the maximum you can apply for is one million dollars,” he explained.

“All the businesses we support should be innovative,” stated Brown, describing innovation as a new product or service to the market that doesn’t exist or that there are very few of.

“It’s scored on a scale, so the most innovative would be new to the world. You can consider new to the Caribbean or Jamaica or new to a parish, or a new way or deliver a product or service,” he explained.

What type of assistance does the IGNITE Program offer under the technical component?

“We have five intermediaries that we’re working with,” stated Brown. The entities are tasked with the responsibility of helping entrepreneurs to develop their businesses. “So at the beginning, you have to create a development plan. They help you to craft the development plan and help you to reach its objectives. They might provide you access to mentors as well,” he explained.

The entities are:

• Jamaica Business Development Center (JBDC)
• Caribbean Climate Innovation Center (CCIC)
• Sisters INC.
• Jamaica Manufacturers and Exporters Association (JMEA)
• UTECH’s Technology Innovation Center

What’s on the Application Form?

The application form has 10-15 questions.

“About five of them are about the character of your business, what you do, what sector you are in, how many people you employ etc,” explained Brown.

“The others are about what the project is, what you are trying to achieve, its impact, how much money you need…how you’re gonna use it,” he continued.

What’s Expected in Return?

“Our investment in a business is not for financial return because it’s a grant, we do it for impact so ultimately we want to know that your sales have grown,” stated Brown

“Sometimes you may be able to improve your employment, that’s excellent! Or exporting your services is also something that we look for so in the proposal you need to outline how you plan to grow your business,” he explained. Grant recipients should also provide quarterly and sometimes monthly reports.

The IGNITE program may be the opportunity that you have been waiting for to make some of your innovative business ideas a reality. Don’t hesitate to apply! Application forms can be downloaded at thinkBIGEE.com

Visit EXIM Bank’s Business Advisory Service at:
https://eximbankja.com