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Story Highlights

  • A Micro, Small and Medium-size Enterprise (MSME) Division is to be established within the Ministry of Industry, Commerce, Agriculture and Fisheries.
  • Establishment of the MSME Division is part of initiatives being pursued by the Ministry to strengthen the sector and drive growth.
  • The Minister made an appeal for the commercial banking sector to partner with the Ministry in providing funding for MSMEs.

A Micro, Small and Medium-size Enterprise (MSME) Division is to be established within the Ministry of Industry, Commerce, Agriculture and Fisheries.

Portfolio Minister, Hon. Karl Samuda, said the department will focus on policy development, coordination and consultation.

He informed that an organisational specialist has been engaged to prepare the necessary submissions to the Ministry of Finance and the Public Service for the division to be set up and fully staffed in short order.

The Minister was making his contribution to the 2016/17 Sectoral Debate in the House of Representatives on June 7.

Establishment of the MSME Division is part of initiatives being pursued by the Ministry to strengthen the sector and drive growth.

Other measures include improving access to financing for the productive sector through collaboration with the Ministry of Finance, Development Bank of Jamaica (DBJ) and private financial institutions; enhancing the environment for doing business; fostering a culture of entrepreneurship and innovation; and ensuring that there is a network of qualified providers across the island offering business development services, counselling, training and capacity building.

The Minister made an appeal for the commercial banking sector to partner with the Ministry in providing funding for MSMEs.

He noted that 87 per cent of wholesale loans disbursed to the MSME sector last year were provided by the DBJ.

“They must come in and join this collective effort to help the small players to develop,” he said.