MSMEs Benefit from $13 Billion in Gov’t Funding Support

• A total of $13 billion in affordable loans and credit guarantees were provided for Micro, Small and Medium-sized Enterprises (MSMEs) by the Government during the fiscal year 2022/23. This was disclosed by Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, during the University of Technology (UTech) Jamaica’s 41st annual marketing seminar at the Jamaica Conference Centre in downtown Kingston, on Wednesday (April 5).
• The provision formed part of the Government’s efforts to improve MSMEs’ access to financing. Senator Hill highlighted that the Ministry, through the National Export-Import (EXIM) Bank, provided special soft loans at an interest rate of 4.75 per cent for eligible MSMEs.
• He indicated that small and medium-sized enterprises were able to access up to $25 million, and micro businesses a maximum of $5 million, for up to five years.
• That $13 billion involves guarantees, including DBJ (Development Bank of Jamaica), not just the EXIM Bank.
• These efforts serve to stimulate growth and develop unfunded MSMEs, particularly where there is great potential for value-added products which are poised for export.
• Medium, small and micro enterprises (MSMEs) are essential to the Jamaican economy, making up over 97% of the island’s taxpaying businesses. The sector is responsible for the majority of employment in Jamaica and drives economic growth and development. As such, the Government of Jamaica (GOJ) continuously seeks to strengthen the sector through programmes that support these businesses.

(Source: JIS News)