Gov’t Supporting Small Business – Stern

Minister of State in the Ministry of Industry, Investment and Commerce, Hon. Michael Stern, has said that the Government is supporting the establishment of small businesses to boost employment and foster economic growth.
Speaking at the Small Business Association of Jamaica (SBAJ) general membership meeting yesterday (April 27) at the Petroleum Corporation of Jamaica (PCJ) Auditorium, Mr. Stern said the necessary legislative framework and key policies were being tailored to foster the growth of Small and Medium Enterprises (SMEs).
“The Government of Jamaica has identified the SMEs sector support as an important strategy in building the economy, generating employment and addressing poverty,” he stated.
Such enterprises, Mr. Stern noted, are crucial to the Jamaican economy because of their role in the production and distribution of goods and services, and in the enhancement and innovation of productivity and economic competitiveness.
Providing an update on the business incubator programme, which was put in place to infuse high quality business development services to start-up enterprises, Mr. Stern said the programme is already reaping success.

Minister of State in the Ministry of Industry, Investment and Commerce, Hon. Michael Stern (left), in discussion with President of the Small Business Association of Jamaica (SBAJ), Edward Chin-Mook, at the SBAJ General Meeting, held at the Petroleum Corporation of Jamaica in Kingston, on April 27.

“One (centre) was launched last year on Marcus Garvey Drive. It is functioning well, helping a lot of young people, and supporting a lot of small businesses downtown,” he informed.
Turning to the issue of financing for SMEs, the Minister informed that a credit bill is before Parliament, which “we hope to get passed in this financial year. If we get that credit bill passed, maybe some of you small businesses or small lenders, who have credit history, can use your proposal to develop a credit bureau.”
He urged financial institutions not to be a hindrance in the operation of small businesses, indicating that gains have been made in encouraging such entities to provide self-start funds to such enterprises. “We have to get beyond the banks being seen as a hindrance. We are encouraging the banks into modern ways of dealing with the small man,” he stressed.
He outlined too that strategies are being examined to combat the increasing interest rates, which are often market driven.
The State Minister further encouraged the gathering to seek business assistance from the various agencies, which exist to offer technical support, such as the Jamaica Business Development Corporation (JBDC), Bureau of Standards, Jamaica Intellectual Property Office (JIPO), and the Scientific Research Council (SRC).