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A Bill that will allow financial institutions to recognise a person’s credit history as collateral is now before a Select Committee of Parliament.
Prime Minister the Hon. Bruce Golding says the move will help small businesses, especially those which have demonstrated a history and a culture of meeting their obligations.
He was speaking at today’s (September 8) launching of the 2009 Compensation and Benefits Report of Micro, Small and Medium Sized Enterprises (SMEs), undertaken by Silverstone & Platt Research Solutions Ltd in Kingston.
The Prime Minister said that he had instructed the Minister of Finance to make the Bill cover credit history going back up to seven years before the Bill becomes law. This, he said, will allow persons and businesses who are paying their debts on time, to use a good credit history as collateral.
Chief Executive Officer of Silverstone and Platt, Lisa Taylor-Stone, says that the report, the first of its kind in Jamaica, will be valuable to various sectors. She noted that it will enable corporate entities in making salary reviews, and provide universities with a reservoir of information on the structure of SMEs and patterns in the industry.
It will also allow workers to benchmark fair market wages and compensations. Approximately 90 per cent of the workforce in Jamaica is employed by SMEs. Thirty companies that participated in the survey are all legal entities.

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