JBDC Served 2,711 MSME Clients in 2023

• The Jamaica Business Development Corporation (JBDC) served 2,711 clients from the micro, small, and medium-sized enterprise (MSME) sector in 2023, representing various industries.
• The information is contained in the Planning Institute of Jamaica (JIS) Economic and Social Survey Jamaica 2023, which was tabled in Parliament recently.
• Manufacturing accounted for 16.8% of clients served, followed by the Service sector at 11.1% and Retail at 10.8%. “Another 9.1% included Agriculture, Forestry, Fishing and Hunting. Accounting for the remaining 52.2% were Education, Gift and Craft, Fashion/Apparel, Accommodation, Aromatherapy, Agro-processing, Mining, Finance and Insurance, Accommodation, and Food Services,” the survey said.
• Female-headed MSMEs comprised 50.7% of those assisted, while male-headed MSMEs accounted for 34.7%, with approximately 14.6% being co-owned. The JBDC also conducted 73 virtual webinars, training sessions, and seminars, benefiting more than 2,248 individuals.
• The operationalisation of the Essential Oils Incubator Project in December and the renovated agro-processing incubator also were among the initiatives pursued by the Corporation last year. This project, supported by government funds, provides entrepreneurs in the essential oils industry with access to capital-intensive manufacturing facilities. The agro-processing initiative, funded by the European Union (EU) and managed by the Caribbean Development Bank (CDB), opened in November 2023.
• Equipped with essential machinery, the incubator serves to boost production and exports among micro and small agro-processors. The survey further said that the facility aims to achieve Food Safety System Certification (FSSC) 22000 for the incubator to meet international standards.

(Source: JIS)