Venture Capital Fund to Start by Year End

first_imgState Minister for Science, Technology, Energy and Mining, Hon. Julian Robinson, is confident that the proposed Venture Capital Development Fund, which will target financing for newly established businesses, will be in place by year end.Speaking at the opening session of the University of Technology’s 18th annual students’ conference at the Jamaica Conference Centre, downtown Kingston on Wednesday, March 20, Mr. Robinson assured that the initiative will facilitate access to private equity financing by fledging entrepreneurs encountering challenges accessing funds through traditional sources, such as commercial banks.“We are acutely aware that some of you may not be able to go to a bank and borrow money and that is a huge hindrance in allowing you to build and develop those ideas. I am very confident that before the end of the year we will be in a position to announce the start of the new venture capital fund facility,” he said.Mr. Robinson also reiterated the government’s commitment in facilitating information and communication technology access to as many persons as possible, noting that this is imperative in an era of “rapidly changing technological advances”, globally.The State Minister said this commitment will be fulfilled through the Universal Service Fund (USF), which has already established over 100 Community Access Points (CAPs) in schools, post offices, churches, and community centres islandwide, equipped with computers and internet connectivity.By O. Rodger Hutchinson, JIS Reporterlast_img read more