US$9-m guaranty to help SMEs in Jamaica
The American Government has committed a US$9-million loan guaranty to Sygnus Credit Investments Ltd which will expand the US International Development Finance Corporation’s (DFC) debt financing of underserved small and medium-sized businesses, with a particular focus on women-owned and -managed businesses in Jamaica
News of the guaranty was announced last Friday by the United States Embassy in Kingston which explained that it forms part of the DFC’s US$12-billion commitment in fiscal year 2024 to address foreign policy and development priorities in a wide range of projects that are boosting development in emerging economies.
“This includes over US$3.4 billion in transactions approved and committed in the fourth quarter alone,” the embassy said in a news release, adding that the DFC’s investments are aimed at mobilising private capital to tackle some of the world’s greatest challenges, with a focus on health, infrastructure, energy, agribusiness, and small business support.
“Notably, increased financing to the agribusiness sector is critical at this juncture as it will support Jamaica’s recovery from Hurricane Beryl and enable smallholder farmers struggling with the storm’s after-effects to sustain and grow their businesses, ultimately helping to address a short-term shortage and enhance resiliency in Jamaica’s agricultural supply chain,” the embassy said.
“We are thrilled to witness the positive impact that the DFC’s investments are having on communities around the world, including here in Jamaica. These initiatives embody the spirit of collaboration and mutual growth between the United States and Jamaica. It is a testament to our shared commitment to foster development and create opportunities for all,” the release quotes US Ambassador to Jamaica N Nick Perry.
Ambassador Perry met with members of the Sygnus team including, President and Chief Executive Officer Berisford Grey; Executive Vice-President and Chief Investment Officer Jason Morris; and Assistant Vice-President Investment Management Ryan Landey.
The team expressed their vision for the partnership and and said they saw it as an opportunity to provide sound financial solutions for small businesses in Jamaica.
The partnership with DFC will also strengthen Sygnus’ impact investing efforts.
In January 2024, Sygnus became the first Jamaican member of the Global Impact Investing Network.
Landey said Sygnus is excited to partner with the DFC to support the growth of SMEs in Jamaica.
“This initiative, along with its long-term benefits, will significantly enhance our capacity to provide vital financial resources to women entrepreneurs and contribute to the continued economic growth and expansion across the region,” Landey said.
The embassy said that this DFC commitment follows the visit of its CEO Scott Nathan to Kingston in December 2023 when he met top Government officials and private sector representatives to explore how the DFC can expand its work in the country and deepen the partnership between the US and Jamaica.
The embassy said it looks forward to continuing its support of initiatives that promote economic development, cultural exchange, and educational opportunities in Jamaica.
To learn more on the DFC’s global investments visit: https://www.dfc.gov/media/newsroom