Jamaican ‘side hustles’ get $1 billion fund: First Union initiative expected to benefit thousands

Thousands of Jamaican entrepreneurs and employees with side businesses may soon benefit from a $1 billion fund launched by First Union Financial Company Limited. The Employees’ Side-Hustle and Entrepreneur Micro Loan Revolving Fund Programme aims to offer accessible financing for Jamaicans looking to start, expand, or strengthen income-generating ventures.

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We have witnessed a significant increase in employees operating side hustle businesses while maintaining full-time employment. Many Jamaicans are looking for practical ways to supplement their income, support their families, and build a stronger financial future. We recognised that there was a need for a dedicated financing programme specifically designed to support these ambitions.

This initiative seeks to create greater opportunities for financial independence, business ownership, and long-term economic growth. According to Group General Manager Jonalisa Brooks, the program directly responds to the increasing number of Jamaicans pursuing additional income streams and entrepreneurial paths. "We have witnessed a significant increase in employees operating side hustle businesses while maintaining full-time employment," Brooks stated. "Many Jamaicans are looking for practical ways to supplement their income, support their families, and build a stronger financial future. We recognised that there was a need for a dedicated financing programme specifically designed to support these ambitions."

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Access to financing remains one of the greatest barriers facing small business owners. Through this programme, we aim to bridge that gap by providing practical funding solutions for both emerging and established entrepreneurs. Our commitment remains steadfast to being in service to the employees and entrepreneurs of Jamaica.

The program will also offer crucial working capital for existing entrepreneurs aiming to scale their operations. Brooks highlighted that access to financing is a major barrier for small business owners. "Through this programme, we aim to bridge that gap by providing practical funding solutions for both emerging and established entrepreneurs," she said. Qualified applicants can access up to J$2.5 million for various business activities, including retail, agriculture, manufacturing, transportation, technology, and more. The fund's revolving structure ensures sustainability by recycling loan repayments into future loans.

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Many successful Jamaican businesses began as side-hustles. We understand that thousands of hardworking Jamaicans possess the talent, determination and ideas to build successful enterprises but are often constrained by limited access to capital. This programme is intended to help unlock that potential.

Brooks believes the initiative is timely for Jamaica's economic development, noting that many successful businesses started as side-hustles. "We understand that thousands of hardworking Jamaicans possess the talent, determination and ideas to build successful enterprises but are often constrained by limited access to capital. This programme is intended to help unlock that potential," she said. She added, "Jamaica needs more entrepreneurs, more business owners, and more job creators. By supporting employees and entrepreneurs who are willing to invest in themselves, we are helping to create stronger communities, stronger businesses, and ultimately, a stronger Jamaica."

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Jamaica needs more entrepreneurs, more business owners, and more job creators. By supporting employees and entrepreneurs who are willing to invest in themselves, we are helping to create stronger communities, stronger businesses, and ultimately, a stronger Jamaica.