First Union launches $1-billion loan fund for side-hustle operators and entrepreneurs

Thousands of Jamaicans operating side-hustle businesses and small enterprises could soon gain easier access to financing through a new $1-billion Employees' Side-Hustle and Entrepreneur Micro Loan Revolving Fund Programme launched by First Union Financial Company Limited.

The initiative, unveiled by the licensed microfinance institution, is aimed at helping Jamaicans start, expand and strengthen income-generating ventures while promoting financial independence, business ownership and long-term economic growth.

According to Jonalisa Brooks, group general manager at First Union Financial, the programme was developed in response to the growing number of Jamaicans pursuing entrepreneurial ventures alongside full-time employment.

“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 recognized that there was a need for a dedicated financing programme specifically designed to support these ambitions,” Brooks said.

First Union Financial, headquartered at Eastwood Park Road in St Andrew, has been serving Jamaicans for more than two decades. The institution was founded in 1999 by entrepreneur Lloyd Campbell and received support from the Development Bank of Jamaica during its formative years.

Brooks said the new fund is also intended to provide critical working capital for existing entrepreneurs seeking to grow their businesses.

“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,” she said.

Under the programme, qualified applicants may access loans of up to $2.5 million to support a range of business activities, including retail and wholesale operations, agriculture and agro-processing, manufacturing, transportation and logistics, professional services, importation and distribution, technology and digital enterprises, as well as other viable income-generating ventures.

The company said the revolving structure of the fund is designed to create a sustainable financing model, with loan repayments being recycled into future loans to ensure continued access to capital for successive generations of entrepreneurs.

Brooks argued that the initiative comes at a critical time for Jamaica's economic development.

“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,” 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 economy.”

First Union Financial expects strong participation in the programme from entrepreneurs and employees across the island and believes the initiative will contribute to business expansion, job creation and increased economic activity.

The company is encouraging interested individuals to contact its offices for information on eligibility requirements and application procedures.