Thu | Feb 20, 2020

$400 million in funding support for MSMEs

Published:Monday | March 18, 2019 | 10:05 AM
Minister of State in the Ministry of Industry, Commerce, Agriculture and Fisheries Floyd Green (fourth left) interacting with students at a Youth Conference held at the St Catherine High School on March 14, 2019 - Contributed photo.

In a move to boost the micro, small and medium-sized enterprise (MSME) sector, the Government will shortly establish a $400-million fund for on-lending to operators.

Minister of State in the Ministry of Industry, Commerce, Agriculture and Fisheries Floyd Green has indicated that the National Export-Import Bank of Jamaica (EXIM Bank) has been charged to institute the facility and it will be available soon.

Green who spoke with JIS News following his presentation at a Youth Conference at St Catherine High School on Thursday, said work is taking place with the EXIM Bank for MSME loans that are “accessible to all” who want to develop their enterprises, at rates that they can afford.

The forum was organised by the University of the West Indies (UWI) Governance Club for high-school students who are preparing for tertiary education under the theme ‘Total Wellness for a Smooth Transition into University’.

Green pointed out that the Jamaica Business Development Corporation has been “strengthened” to ensure that persons who want to set up businesses can get help with the preparation of business plans, and marketing support, design and branding for their products. 

He encouraged the students to spend time researching carefully “the areas that you choose to do your tertiary studies”  as many persons are choosing programmes that are overcrowded, where jobs are scarce, while other areas that have jobs cannot be filled because the skills are not available.

He advised the students to craft five-year plans for their future and to “align your passion with an area of growth where jobs and business ventures can be obtained”.  

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