Development Bank of Jamaica offers support to BPO sector
The Development Bank of Jamaica (DBJ) is offering financial support to players in the business process outsourcing sector to help develop the industry.
Speaking during a panel discussion at the recently held Outsource2Jamaica Conference in Montego Bay, Edison Galbraith, General Manager at DBJ said the bank is coming on board to assist both persons wanting to enter the sector and existing members to borrow needed capital at competitive interest rates.
He further stated that this will allow new and existing members to grow and have access to financial resources for service and people development.
Local BPO players who participated in a panel discussion dubbed “Finding a Niche in the BPO Space” collectively emphasized the importance of capital intensity for the sustainability of the BPO sector.
The panel, which featured Kirk Laughlin, Founder & Managing Director, Nearshore Americas, Patrick Casserly, Chief President and CEO, PCR Nearshore, Jacqueline Sutherland, Chief Executive Officer of Contax360 BPO Solutions and Yoni Epstein, Executive Chairman of itelBPO Smart Solution – said players in the BPO sector are also encouraged to take a non-traditional approach to raise capital for the expansion of their business.
They, therefore, endorsed the DBJ initiative to tailor specific products offering to meet the urgent capital needs to further grow the sector.
In addition to customer services, the BPO sector currently offers services healthcare, legal processes, banking, software and applications development and finance & accounting outsourcing, according to Gloria Henry Business Process Industry Association of Jamaica (BPIAJ).
The BPO sector has grown from employing 10, 000 persons over 36,000 persons in the last five years