PM announces million dollar fund to protect small businesses

[Lazie]

The Prime Minister today announced that 150 million dollars has been set aside to fund micro businesses in an effort to cushion the effects of the global financial meltdown.

Mr. Golding, who was speaking at the launch of the Development Bank of Jamaica Petro Caribe Energy Fund, said the loans for small businesses will be accessed through the Jamaica Business Development Centre.

"We are going to say to them, now look this is not a traditional case where you bring your house title or bring your title for your SUV, because these people have neither house nor SUV but we are going to work with them.

We are going to examine their project, we are going to see if their projects make sense. We going to evaluate that risk, we are going provide them with business training and management oversight," he said.

He said banks and other lending agencies should make an effort to lessen the bureaucracy involved in getting a loan.

Through the DBJ Petro Caribe Energy Fund, one billion dollars has been made available through approved financial institutions for on-lending to small and medium businesses for energy saving projects.

http://www.radiojamaica.com/content/view/12316/26/

[Karl]

The Prime Minister today announced that 150 million dollars has been set aside to fund micro businesses in an effort to cushion the effects of the global financial meltdown.

Mr. Golding, who was speaking at the launch of the Development Bank of Jamaica Petro Caribe Energy Fund, said the loans for small businesses will be accessed through the Jamaica Business Development Centre.

"We are going to say to them, now look this is not a traditional case where you bring your house title or bring your title for your SUV, because these people have neither house nor SUV but we are going to work with them.

We are going to examine their project, we are going to see if their projects make sense. We going to evaluate that risk, we are going provide them with business training and management oversight," he said.

He said banks and other lending agencies should make an effort to lessen the bureaucracy involved in getting a loan.

Through the DBJ Petro Caribe Energy Fund, one billion dollars has been made available through approved financial institutions for on-lending to small and medium businesses for energy saving projects.

http://www.radiojamaica.com/content/view/12316/26/

Our history!
...remember "grow"...or some such name during the Manley years?
The farmers and other small business people used the money and bought "quickly", "S-90s type bikes", cars, etc. anmd went on a tremendous consumer binge!

...and this...

banks and other lending agencies should make an effort to lessen the bureaucracy involved in getting a loan.

Is the government going to insure these loans...give the banks guarantees of one sort or another? Could this be our own creation of "funny loans" on the horizon?