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DBJ welcomes banks’ new approach to small businesses

Blossom-Omeally

MANAGING director of the Development Bank of Jamaica (DBJ), Milverton Reynolds, says that the DBJ has detected a change in attitude among commercial banks, in terms of financing small and medium-sized businesses.

Reynolds told members of the Micro, Small and Medium Sized Enterprises (MSME) Alliance, at their recent general assembly meeting and expo at the Jamaica Public Service Company Sports Club, Ruthven Road, Kingston, that in recent times the commercial banks have shown a willingness to grant loans to the MSMEs.

“We have seen the willingness, and one of the reason for this is that the days when the banks could park their money in government security and make huge amounts of profits are gone. So now, they themselves have to be retooling their operations to be able to do some real banking, which is to assess loans that come before them for productive purposes,” Reynolds said.

The DBJ head was responding to questions from members of the alliance about the reluctance by commercial banks to lend money to small enterprises and farmers.

Published in the Jamaica Observer
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