Expected Development Impact
- Strengthen local SMEs and value chains: JMMB is focused on offering financial products and services to better support SMEs in Jamaica. Supporting jobs and income‑generating activities through the funding of local SMEs is particularly valuable considering that Jamaica recorded a 5% decrease in employment since the beginning of the COVID‑19 pandemic. According to the World Bank, one of the main barriers for SMEs to access funding in the Latin America and Caribbean region (LAC) is the lack of bank strategies, processes and financial instruments tailored to their specific needs. After a thorough market study of the SME landscape in 2018, JMMB optimized its operating model to meet the needs of this segment.
- Solutions to increase financial inclusion: JMMB supports informal SMEs (the informal sector represents an estimated 43% of Jamaica’s GDP) formalize their business by connecting them with strategic partners, which improves their chances of being eligible for a loan. Many of JMMB’s SME clients receive loans from a financial institution for the first time.
- COVID‑19 relief: As many businesses experienced a notable change in income since the beginning of the pandemic, JMMB started offering relief packages, such as moratoriums on principal and interest to alleviate the financial burden brought on by COVID‑19. In an effort to reduce the need for in‑person