Gov’t Recommits Supporting MSMEs

• Prime Minister, Dr. the Most Hon. Andrew Holness, has reaffirmed the Government’s commitment to improving access to financing for micro, small, and medium-sized enterprises (MSMEs), emphasising their vital role in driving inclusive growth and strengthening Jamaica’s economy.
• Addressing the Ministry of Industry, Investment and Commerce’s MSME Linkages Day event at the University of Technology (UTech), Dr. Holness highlighted that Jamaica’s economy cannot grow unless its entrepreneurial class expands.
• Against this background, Prime Minister Holness noted that the National Export-Import Bank of Jamaica (EXIM Bank) has disbursed nearly $10 billion in MSME loans since 2021, while the Development Bank of Jamaica (DBJ) has supported lending with a $2-billion facility.
• He stated that they have eliminated upfront fees by allowing MSMEs to roll them into the principals, making it easier for small businesses to borrow and grow. He also mentioned their endorsement of the Jamaica Stock Exchange (JSE) Micro Market, which will unlock equity financing of up to $50 million for hundreds of small enterprises.
• These initiatives, he explained, are real tools and lifelines for businesses nationwide. Additionally, he emphasised their ongoing commitment to broadening access to finance through capital market innovations.
• Holness pointed out that MSMEs are the backbone of Jamaica’s economy, noting that they represent more than 90.0% of all enterprises, employ between 60.0% and 70.0% of the workforce, contribute 44.0% of gross domestic product (GDP), and account for nearly 12.0% of total tax revenues last year.

(Source: JIS)