JBDC Served 2,711 MSME Clients in 2023
By: , August 8, 2024
Photo: Yhomo Hutchinson
Director of the Jamaica Business Development Corporation (JBDC) Incubator and Resource Centre, David Harrison (right), leads a tour of the Agro-processing Incubator located at the centre at the grand opening in November 2023. From left are Permanent Secretary in the Ministry of Industry, Investment and Commerce, Sancia Bennett Templer; Head of Cooperation – Delegation of the European Union, Aniceto Rodriguez Ruiz; JBDC Chief Executive Officer, Valerie Veira; and Advisor to the Vice-President of Operations, Caribbean Development Bank, Dr. Darran Newman.The Full Story
The Jamaica Business Development Corporation (JBDC) served 2,711 clients from the micro, small and medium-sized enterprise (MSME) sector in 2023 representing various industries.
The information is contained in the Planning Institute of Jamaica (JIS) Economic and Social Survey Jamaica 2023, which was tabled in Parliament recently.
Manufacturing accounted for 16.8 per cent of client served, followed by the Service sector at 11.1 per cent and Retail, 10.8 per cent.
“Another 9.1 per cent included Agriculture, Forestry, Fishing and Hunting. Accounting for the remaining 52.2 per cent were Education, Gift and Craft, Fashion/Apparel, Accommodation, Aromatherapy, Agro-processing, Mining, Finance and Insurance, Accommodation, and Food Services,” the survey said.
Female-headed MSMEs comprised 50.7 per cent of those assisted, while male-headed MSMEs accounted for 34.7 per cent, with approximately 14.6 per cent being co-owned.
The JBDC also conducted 73 virtual webinars, training sessions and seminars, benefiting more than 2,248 individuals.
Additionally, initiatives pursued by the Corporation included the operationalisation of the Essential Oils Incubator Project in December.
The report noted that this project, supported by government funds, provides access to capital-intensive manufacturing facilities for entrepreneurs in the essential oils industry.
A renovated agro-processing incubator also opened in November 2023. It was funded by the European Union (EU) and managed by the Caribbean Development Bank (CDB).
Equipped with essential machinery, the incubator serves to boost production and exports among micro and small agro-processors.
The survey further said that the facility aims to achieve Food Safety System Certification (FSSC) 22000 for the incubator to meet international standards.