Finance Directory Launched to Assist MSMEs

The Micro, Small and Medium Sized Enterprise (MSME) sector now has an Internet finance directory, which was developed by the Development Bank of Jamaica (DBJ), and the University of the West Indies Mona School of Business and Management (MSBM).

Speaking at the launch on January 21, at the DBJ’s New Kingston offices, Chairman of the Bank, Joseph M. Matalon, noted that small enterprises possess the greatest strengths for economic development, but due to a lack of information, many of them fail during their infancy stages.

He said with the establishment of a website that provides financing information, and other support services, the MSME sector “need to know that they need not fail, as assistance is available to help them to start and expend their business,” and encouraged the promotion of the website to current business operators and potential investors.

“The DBJ believes that by focusing on the needs of the MSME sector, we are not only building the national economy, but are also promoting growth that is socially inclusive,” Mr. Matalon added.

The MSME Finance Directory provides a comprehensive list of funding opportunities for the micro, small and medium-sized businesses that are seeking financing opportunities to make their entrepreneurial ideas a reality. The directory lists a range of financing options, such as loans, grants, venture capital and equity financing.

Users can input keywords into the search engine to indicate the type of financing in which they are interested. They are then provided with information on the financing options and shown how to access the institutions which provide the financing.

Executive Director at the MSBM, Professor Densil Williams, said that MSME- type businesses can provide the country with the needed economic growth, but they require support that can aid them to bounce back when “slippages” occur.

“Interventions like these are ensuring that we lay a strong foundation; that when the slippages come, we have the buffer to withstand those things,” Professor Williams said.