Government Continues to Support MSMEs – Industry Minister

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, has reiterated the Government’s commitment to strengthening Jamaica’s micro, small and medium-sized enterprises (MSMEs), while ensuring that all Jamaicans benefit from the country’s growing economy.

Speaking at the opening of the Ministry’s MSME Business Roadshow at The Manning’s School in Savanna-la-Mar, Westmoreland, on June 18, Senator Hill said the Government is here to build, invest and lift every Jamaican into prosperity. “We want to make sure everybody gets a piece of it,” the Minister emphasised.

He pointed out that the Roadshow initiative is designed to bring resources directly to communities, ensuring that MSMEs, especially those operating outside the Corporate Area, are not left behind.

Since the start of the roadshow, more than 2,000 MSMEs have been engaged; $14.6 million in grants have been awarded to 52 small businesses; 266 entrepreneurs have showcased their products and services; and 17 businesses have been on-boarded to a cashless platform developed by MasterCard.

“When you give $200,000 to a micro business, you are giving them a powerful push forward. Many of these entrepreneurs have never had that amount in hand at once. It can help them buy equipment, pay staff, or rent a space to grow their operations,” the Minister said.

He praised the role of international partners, particularly the Inter-American Development Bank (IDB), which provided $52 million in grant funding during the first year of the programme.

“We are very grateful to the IDB. This is not a loan; it’s a grant. That means more of our MSMEs can access critical support without taking on debt,” the Minister noted.

Highlighting the importance of digital inclusion, Senator Hill lauded MasterCard’s move to provide MSMEs with access to secure, cashless transactions.

“A Regional Director from MasterCard visited a local craft market and wanted to buy something but couldn’t pay because there was no platform. That experience led to a partnership that is now helping Jamaican businesses sell to people in Costa Rica, the Netherlands – wherever – and receive funds directly to their accounts,” he explained.

Senator Hill encouraged attendees, especially the youth, to take advantage of resources available through government agencies such as the Jamaica Business Development Corporation (JBDC), the Companies Office of Jamaica, the Jamaica Intellectual Property Office (JIPO), and the Trade Board.

On the broader economic front, the Minister pointed to strong indicators of national progress, including a record-low-unemployment rate of 3.5 per cent, inflation within the four to six per cent range, and net international reserves at US$5.875 billion, the highest in the country’s history.

Minister Hill urged Jamaicans to partner with the Government to continue to build the island’s economic independence.

The MSME Roadshow will continue in other parishes over the coming months. The event marked the eighth stop in the islandwide roadshow series and brought together entrepreneurs, investors, public and private-sector agencies, and students for a day of business development support, knowledge-sharing, and engagement.

Senator Hill noted that during each event, entrepreneurs have the opportunity to pitch their businesses for cash grants.