2010-01-28
JBDC FULLY RESPONSIBLE FOR SMALL BUSINESSES
The Jamaica Business Development Corporation (JBDC) will now assume full responsibility for all micro and small business activity, as Government moves to streamline the small business sector.
Making this announcement in Parliament yesterday, Minister of Industry, Investment & Commerce, Karl Samuda said operations of the Micro Investment Development Agency, (MIDA) and all small business activity previously managed by JAMPRO will be incorporated into the JBDC.
Outlining Government’s measures to stimulate business and spur economic recovery, Minister Samuda asserted that the small business sector represents “one of the most important recovery tools” because of its capacity to create jobs at the cheapest possible price.
The Industry Minister pointed out that craft manufacturing holds great potential for the future of Jamaica’s small business sector, but that there’s need for training. In this regard, the Minister said, he will be part of the Prime Minister’s official delegation to China, and will seek technical assistance and training for Jamaica’s indigenous craftsmen in the “finer points, so that their products are not simply eye-catching but are of international standard.”
To achieve the best results, he said, his Ministry will be working in conjunction with the Ministry of Tourism, the Craft Institute and the Ministry of Youth, Sports and Culture.
The Minister said other key aspects in the effort to reinvigorate the Micro, Small and Medium Enterprise (MSME) sector will include the expansion of direct lending through the JBDC. He noted that 483 jobs were generated from the $150-M the JBDC loaned to the small business sector last year. Delinquency rate on these loans was just 2%, he reported.
Additional measures that will directly impact the MSME sector will include increased funding through the Development Bank of Jamaica; and greater collaboration with other Approved Financial Institutions (AFIs) on training and project development, the Minister stated.