In a bold step towards agricultural empowerment, Agri-Impact Limited forged a strategic alliance with the Jamaica Social Investment Fund (JSIF) to revolutionize the agribusiness landscape in Jamaica. Their collaboration marked the dawn of a new era, with a shared mission to propel over 70 Micro, Small, and Medium Enterprises (MSMEs) towards success.
At the heart of this partnership lay the ambitious goal of accessing over $20 million in dedicated agribusiness funds, unlocking doors of opportunity for aspiring entrepreneurs across Jamaica. Through meticulous review and expert guidance, Agri-Impact and JSIF aimed to fortify business plans, streamline operations, and pave the way for sustainable growth.
Despite the sector's pivotal role, agricultural actors faced formidable barriers, with access to credit remaining a distant dream for many. Traditional financial institutions imposed insurmountable hurdles, citing a lack of collateral and structured financial data. With less than 2% of commercial lending allocated to agriculture and fewer than 10% of Jamaican farmers accessing credit, the need for intervention was urgent.
JSIF commissioned Agri-Impact Limited, together with BRAC Consultants and DevEmerge Global Consulting Services Private, to spearhead the Agribusiness component of the Second Rural Economic Development Initiative (REDI II) with the mandate to enhance access to markets, foster climate-resilient approaches, and empower targeted beneficiaries across Jamaica's rural landscape.
Operating on a national scale, the project transcended geographic boundaries, spanning rural and peri-urban areas alike. Embracing a holistic approach rooted in value chain development, Agri-Impact and its partners worked hand-in-hand with public and private sector stakeholders to cultivate capacity and catalyze growth.
The technical support by Agri-Impact Limited is expected to transform micro, SMEs, and MSMEs operating in the Agribusiness space in the Caribbean by creating over 2,000 dignified and fulfilling jobs, generate annual revenue of over $10 million and increase agricultural productivity in vegetables, honey and coffe value chains to reduce import and save on foreign exchange.