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  • The Ministry of Industry, Investment and Commerce is currently implementing its Micro, Small and Medium Enterprise (MSME) and Entrepreneurship policy.
  • This was disclosed by Portfolio Minister, Hon. Anthony Hylton, at a press conference, held recently at Jamaica Promotions Corporation (JAMPRO) offices in New Kingston.
  • The Minister explained that the policy is designed to unlock the barriers to full participation of MSMEs and is backed by the Security Interest in Personal Property (SIPP) Act.

The Ministry of Industry, Investment and Commerce is currently implementing its Micro, Small and Medium Enterprise (MSME) and Entrepreneurship policy.

This was disclosed by Portfolio Minister, Hon. Anthony Hylton, at a press conference, held recently at Jamaica Promotions Corporation (JAMPRO) offices in New Kingston.

The Minister explained that the policy is designed to unlock the barriers to full participation of MSMEs and is backed by the Security Interest in Personal Property (SIPP) Act.

“Other business enabling policies include the Collateral Registry to expand asset based lending to the MSME sector, and the business registration super form to enable the easy registration of businesses,” Mr. Hylton said.

He added that the Ministry is also pursuing insolvency legislation in order to give operators of MSMEs the opportunity to organize their businesses in the face of insolvency, with the protection of the Courts against their creditors.

“I have taken the time to share these important policy actions for the MSME sector by the Government to make a broader point that the Ministry’s determination to implement the MSME and Entrepreneurship Policy is informed by the wider context and realities of global competitiveness in today’s world,” Mr. Hylton said.

Meanwhile, the Minister noted that access to capital remains a major challenge for the MSME sector despite the reform efforts that have been carried out.

He added that thus far, there has not been much traction within the financial community with the SIPP legislation and the collateral registry.

“MSMEs, especially creative industries, remain unable to access funding from the financial sector, which often proves a major barrier to their development. This is true, notwithstanding the significant profitability of our local and regional financial institutions. It remains the case that it is much easier to obtain a loan for consumptive items than for productive activity,” Mr. Hylton said.

However, the Minister emphasized that notwithstanding the challenges, Jamaica is determined to become globally competitive in all of its industries, “and the MSMEs lie at the heart of this endeavour.”