JBDC Reaffirms Support for MSME Growth

The Jamaica Business Development Corporation (JBDC) is reaffirming its dedication to fostering growth and resilience among Micro, Small and Medium-sized Enterprises (MSMEs).

This commitment was given by Acting Chief Executive Officer (CEO), Harold Davis, during a Jamaica Information Service (JIS) ‘Think Tank’ on Monday (November 18),which was hosted as part of the celebratory activities for Global Entrepreneurship Week (GEW) 2024.

With GEW being observed under the global theme: ‘Entrepreneurship is for Everyone’ and the local theme, ‘Engaging MSMEs for Growth and Resilience’, Mr. Davis underscored the critical role of building robust businesses prepared to adapt and thrive in dynamic markets.

“True resilience begins with the strength of the business itself – the people, the processes and the capacity to adapt to change,” he emphasised.

“At the JBDC, we believe resilience is not just about weathering storms, but about building businesses that are structurally sound, ready to face challenges and poised to seize growth opportunities,” Mr. Davis added.

Highlighting the inclusive nature of entrepreneurship, the Acting CEO described it as a “great equaliser”, providing avenues for individuals from diverse backgrounds, including differently-abled entrepreneurs and those with traditional skills, to contribute to national development.

“Whether you’re a craftsperson honing traditional skills in Portland or a young farmer innovating in St. Elizabeth, entrepreneurship offers a pathway to success,” he pointed out.

Recognising the importance of staying competitive in a global digital economy, Mr. Davis also emphasised the necessity of digital transformation for MSMEs.

“In today’s global landscape, digital transformation is no longer a ‘nice thing’ to have for entrepreneurs, it’s a ‘need to have’,” he stated.

In response, the JBDC has launched strategic initiatives designed to strengthen local entrepreneurs’ ability to operate effectively in this evolving environment.

These efforts include technical services, financial support and strategic market readiness programmes tailored to help businesses build sustainable foundations.

The JBDC’s impact over the past fiscal year included providing technical assistance to approximately 8,500 entrepreneurs and distributing $100 million in funding to support MSMEs in improving their financial stability and scaling operations.

Looking ahead, the JBDC plans to expand its financial offerings to ensure greater access to equity, loans, grants and other forms of funding for Jamaican entrepreneurs.

“For us, we not only celebrate entrepreneurship, but we live and encourage entrepreneurial pursuit. As such, we are dedicated to ensuring that every Jamaican entrepreneur, from young farmers in St. Elizabeth to technological innovators in Kingston, has the tools and support they need to thrive,” Mr. Davis assured.

As Jamaica celebrates Global Entrepreneurship Week 2024, from November 17-22, the JBDC continues to champion the values of growth, resilience and inclusivity, paving the way for MSMEs to drive national development.