Sonya Dunstan, the owner of "A Taste of the Caribbean," a specialty food company based in Kingston, Jamaica, has built a thriving business producing and selling jams, jellies, chutneys, and sauces made from locally grown fruits, vegetables, and spices. During the high season, she employs up to 15 people and her products are exported to the USA, England, and Canada, with growing interest from the Philippines.
However, Sonya’s journey to success was not without challenges. A few years ago, in the wake of the COVID-19 pandemic, she nearly lost everything. Before the crisis, "A Taste of the Caribbean" relied heavily on Jamaica’s booming tourism sector, selling its products primarily to local hotels. With lockdowns enforced and the tourism industry coming to a halt, Sonya saw her business revenue plummet as hotel orders dried up. At the time, 90% of her market was tied to the tourist sector, leaving her with few options to sustain operations.
The financial strain forced Sonya to make difficult decisions. She had to lay off some of her employees, although she tried her best to implement a rotation system to provide work whenever possible, particularly for women who were often the primary breadwinners. As if the business challenges weren’t enough, COVID-19 took a personal toll—her entire family contracted the virus multiple times, and she had to take extra precautions while caring for her aging mother.
The turning point came when Sonya heard about the Credit Enhancement Facility (CEF), a facility operated by the Development Bank of Jamaica that helps micro, small and medium businesses access finance. It does so by providing collateral guarantees, sometimes for up to 90 percent, as well as more flexible loans with lower interest rates and longer repayment schedules. Through the CEF, Sonya secured a loan of J$6.25 million, backed by a collateral guarantee of J$5 million. This financial lifeline allowed her to pivot her business, invest in new equipment, and diversify her product offerings.
“CEF for me was a lifeline,” Sonya reflects. “I was able to get a loan which helped me buy new equipment, invest in product development, and expand into gourmet and pre-packaged foods. With people staying home, gourmet meals on a budget became popular, and I saw an opportunity to reach a new market.”
Thanks to the CEF’s support, Sonya’s business not only survived but thrived. She expanded production, developed new products, and strengthened her brand’s presence in international markets. Today, "A Taste of the Caribbean" continues to grow, with plans to enter additional markets and acquire more equipment to scale production. Sonya is also passionate about creating job opportunities, particularly for women and young people, recognizing that stable employment can transform lives.
“My goal is to always strive to produce world-class, innovative products so I can compete globally. I am constantly looking for ways to add value, one of which is by using locally sourced produce,” says Sonya.
Sonya’s story reflects the experience of more than 1720 micro, small and medium business owners, that received loans from the CEF. This support is part of the World Bank’s Access to Finance for Micro, Small and Medium Enterprises Project.
Since the launch of the project in 2018, the project has contributed US$ 5 million to the CEF. The initiative has provided much-needed capital for loans, grants, and collateral support, addressing a critical challenge faced by Jamaican entrepreneurs.
“MSMEs account for 90% of jobs in Jamaica, yet access to finance remains a significant barrier to their growth,” explains Fadwa Bennani, Senior Financial Sector Specialist at the World Bank and the project's lead. “More than 40% of firms in Jamaica cite access to finance as a major constraint. Our project is designed to help MSMEs overcome these barriers, providing the financial support and resources they need to expand and contribute to economic growth.”
In addition to the CEF, the project has facilitated the establishment of the Jamaica Actus Small and Medium Enterprise Fund (JAMSEF), a public-private initiative providing risk capital to high-growth SMEs. With $5.5 million contributed by the project and an additional $10 million invested by private equity fund VM Investment, JAMSEF aims to provide funding ranging from $100,000 to $2 million to promising Jamaican businesses that have struggled to attract private investment.
“With the right financial support, Jamaica’s MSMEs have immense potential to grow and drive economic growth. The fund will serve as a lifeline for the Jamaican entrepreneurial landscape. The CEF stands as a beacon of opportunity, providing the vital resources entrepreneurs need to transform their ideas into successful ventures. We want to empower business owners to take bold steps, innovate, and grow their businesses for the benefit of society as a whole.” said Rashida Wynter-Donaldson, General Manager of the Project Management Office at the Development Bank of Jamaica.
The Access to Finance for Micro, Small, and Medium Enterprises Project is not just about financial support—it’s about fostering resilience and building a sustainable ecosystem where Jamaican businesses can thrive and jobs can be created. With continued investment in entrepreneurs like Sonya Dunstan, the vision of turning dreams into thriving enterprises is becoming a reality.
