National Commercial Bank Jamaica Limited (NCB) is unveiling a game-changing initiative with the launch of the J$1 billion NCB SME Growth Fund, set to empower local micro, small, and medium-sized enterprises (MSMEs) with affordable financing. The fund, which opens on March 31, 2025, aims to help entrepreneurs scale their operations, create jobs, and contribute to the nation’s long-term economic prosperity.
This initiative comes as part of NCB’s broader strategy to enhance support for Jamaican businesses and ensure that entrepreneurs can access the capital they need to thrive. Bruce Bowen, CEO of NCB, expressed, “We understand that access to capital at affordable rates is vital for the growth of MSMEs. Through the NCB SME Growth Fund, we are providing critical support for businesses to expand, increase their workforce, and build sustainable success.”
The NCB SME Growth Fund offers businesses an exclusive interest rate reduction of up to 3% on loans for working capital and capital expenditure projects. In addition, NCB is extending a 0.25% reduction across its entire suite of SME loan products, further lowering borrowing costs for business owners seeking financing.
Perrin Gayle, Executive Vice President of Retail Banking at NCB, explained that the fund was created in direct response to feedback from the business community, including SME advocacy groups and policymakers. He added that the Bank of Jamaica’s recent reductions in its policy rate have paved the way for NCB to pass these savings onto local businesses. “Business owners have consistently raised concerns about high borrowing costs and the challenges of accessing affordable financing. This fund is specifically designed to address those pain points,” Gayle noted.
The fund is available to registered SMEs that meet specific eligibility criteria, including having annual revenues between J$15 million and J$425 million, at least two years of registration, and a minimum of one year in operation. It supports businesses across a wide range of industries, such as tourism, agriculture, manufacturing, energy, retail, and transportation.
As the fund will be disbursed on a first-come, first-served basis, NCB encourages interested businesses to apply early to secure their funding. This timely and targeted intervention reflects NCB’s commitment to strengthening Jamaica’s business ecosystem by providing essential financial resources to SMEs, fostering growth, and contributing to a robust, sustainable economy.
