Samuda disappointed with Development Bank

Industry and Commerce Minister Karl Samuda is expressing disappointment at the pace at which funds allocated to the development of micro and small-businesses is being disbursed.



Mr. Samuda says of the $1b that was set aside for the sector only $1.6m was paid out between April and July.



He says the Development Bank of Jamaica and other agencies involved must find a way to shorten the time it takes from approval to disbursement.



Meanwhile, Mr. Samuda says organizations are needed to facilitate project development and provide management training to small and micro businesses.



He says in the past loans were not properly managed and had to be written off.