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Story Highlights

  • Small business owners urged to formalize their operations to benefit from offerings under the new MSME Entrepreneurship Policy.
  • The policy is about “applying resources in a manner that is designed to have the real impact” on business growth and development.
  • The MSME Policy seeks to implement a structured and sustainable programme to provide training to MSMEs.

Minister of Industry, Investment, and Commerce, Hon. Anthony Hylton, has called on small business owners to formalize their operations to benefit from offerings under the new Micro, Small and Medium Enterprise (MSME) Entrepreneurship Policy.

The Minister was addressing a recent Think Tank held at the Jamaica Information Service (JIS) head office in Kingston.

He noted that the policy is not about “finding a way to give more money”, but “applying resources in a manner that is designed to have the real impact” on business growth and development.

As such, he said, persons will benefit from training and guidance in areas such as product development, marketing, and incentives such as tax breaks during the infancy stage of the business.

“Before you go to the bank and start asking for money, what you need is some training, exposure, and critical intervention from entities like the DBJ (Development of Bank of Jamaica) and others, who can intervene and talk to you about the feasibility of your business, marketing, and product differentiation,” Minister Hylton said.

The MSME Policy seeks to implement a structured and sustainable programme to provide training to MSMEs through public-private partnerships in key areas such as: business planning, cash flow projections, management, book-keeping, inventory management, protection of intellectual property, standards, and market penetration.