Innovation Grant Fund
Jamaica
The Innovation Grant Fund promotes the increase or creation of revenue streams through the financing of innovative ventures that promote productivity. The grants provided by the Fund aim to support the developments of new products and services, implementation of new business models and entry into new or an expansion of existing markets. It is expected that new employment will result from the growth of the companies financed by the Fund. The grant will cover 70% of the total project cost. You will need to find the remaining 30% as a counterpart contribution. It must be noted that 50% of your counterpart can be valued in “kind” which is a contribution of a good or service other than money which includes donated services, donated goods, or labour.
FUNDS
US$500,000 - US$500,000
INTEREST RATE
12%
INDUSTRIES
Eligibility
ANNUAL REVENUE
US$500,000 - US$500,000
REQUIRES COLLATERAL
4 YEARS
Qualifications
Must be a Medium-sized enterprise registered for a minimum of 5 years
Projects must be innovative.
Expenditures must be in the form of:
• Specialized Consultancy Services: Market Studies, Specialized Technical Assistance and Management Consulting
• Technology Assessments
• Product upgrading, including product packaging and label design, certification in corresponding regulatory agencies, marketing, production of samples for market testing
• Purchase of key processing inputs
• Inputs and machinery to improve productivity
• Training Services
• Equipment purchase and maintenance (laboratory, digital, etc.)
• Intellectual or industrial property protection
• Prototyping
• Knowledge Management
• Development of an Innovative Business Plan
Documents Required
• Business Plans
• Concept Notes
• Full Proposal
Application Process
Applicants apply through an “Open Window” and will be selected via the completion of a two-stage process – project concept note competition and a business plan competition. The completed Concept Notes and Business Plans received during the month are evaluated at the end of the following month.
• Submission of Concept Note to DBJ
• After 4 weeks pass, an Eligibility Check is performed by DBJ.
• After 1 week, the Concept Note is then evaluated.
• After 3 weeks, the Full Proposal must be submitted.
• After 6 weeks, an Evaluation of the Full Proposal occurs.
• After 2 weeks, Due Diligence takes place. It will last for 4 weeks after which applicants will receive a response.
Other Information
N/A
Development Bank of Jamaica
The Development Bank of Jamaica provides opportunities to all Jamaicans to make a positive impact on their own quality of life. They do this through providing development financing, capacity building, public-private partnership and privatisation solutions, which are in line with Government policy and future goals.
11A - 15 Oxford Road Kingston 5, Jamaica W.I
Phone Number: (876) 929-4000; (876) 619-4000
Fax Number: (876) 929-6055
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