JIS News

Prime Minister Bruce Golding has called on the Small Businesses Association (SBA) to encourage small and medium sized entrepreneurs (SMEs) to follow proper book-keeping practices so that they can qualify for loan financing.
“We must mount a serious sensitization education programme backed up with government support that will help them, train them, to keep basic accounts. Not sophisticated accounting arrangements, but basic accounts so that the business can have a track record and a trail. If you were able to look to see how the business has developed and grown over the two or three years that it has been in operation maybe, you can see where the business can grow into a $25M business and you can help to get them there.”
The Prime Minister’s offer was readily accepted by the President of the Small Businesses Association, Edward Chin Mook who was his guest on the March 4 edition of Jamaica House Live radio call-in programme.
Noting that the Development Bank of Jamaica has designed a programme that addresses the collateral weakness of small businesses, the Prime Minister said that loan applicants must present even basic book-keeping records or they will not be able to get assistance.
“The reports I get is that when they (small businesses) come in for assistance and are asked for their books, they do not have any books. They have not been keeping any records. The person who is trying to assist them does not have a basis on which to assess to see what the potential is, to see where the weaknesses and strengths are. You must keep books, even if it is in an exercise book, you must keep books”, the Prime Minister advised his listeners.

Skip to content