Phillip Paulwell - file

A total of $6.13 million has been disbursed to 14 micro and small businesses under the Government's Small Business Fund.

The information is contained in a Ministry Paper tabled in the House of Representatives earlier this month by the Minister of Industry, Technology, Energy and Commerce, Phillip Paulwell.

In addition to these disbursements, 18 projects are being processed under the programme.

The $10 million revolving fund, which is being implemented by the Jamaica Business Development Centre (JBDC) with financing from the Development Bank of Jamaica (DBJ), was established to provide loan financing to innovative and viable micro, small and medium enterprises, which require assistance. The maximum loan amount for each project is $500,000.

The JBDC was given overall responsibility for the coordination and execution of the programme, which includes the assessment of applicants through a rigid screening process.

In order to be eligible for funding, business should fall within the productive sector, for example, manufacturing and agriculture, or be part of the supporting services to these sectors. Other prerequisites are that the business should be innovative and tax compliant.

In addition, at least 51 per cent of the business should be Jamaican-owned and at least 50 per cent of its inputs should be indigenous to Jamaica.