2010-05-12
Record $750 Million Financing for Micro Business Sector
A record allocation of $750-million is being made available for on-lending to the country’s micro enterprise this year, as Government re-doubles its efforts to fuel growth and development through this important sector.
Minister of Industry, Investment & Commerce, Karl Samuda who made this announcement in Parliament Tuesday May 11, noted that this is the largest loan allocation ever made to the Micro sector to date, and reflects Government’s commitment and resolve “to provide more resources to assist the small man.”
Making his contribution to the Sectoral Debate, Minister Samuda said the $750-million loan allocation to the micro sector will be disbursed through institutions such as Jamaica National, Nation Growth and Access Financial Services. “This means that institutions that lend to the micro sector…will be able to access more funds and provide hope for thousands,” he emphasized.
The funds for the micro sector form part of an overall $2-billion provision through the Development Bank of Jamaica, (DBJ) for on-lending this year, announced by the Prime Minister in his Budget presentation.
Last year, Government provided $200-million through Jamaica National’s micro lending programme for on-lending to the small business sector. These funds were disbursed in two months and helped to generate some 26,000 jobs.