Government of Jamaica

Medium, Small and Micro Enterprises (MSMEs)


MSMEs account for 90% of jobs in the Jamaican economy

The Government is actively working to implement legislation, policies and initiatives aimed at unlocking the growth potential of the Micro, Small and Medium-sized Enterprise (MSME) sector. Critical to all of this, is the creation of an enabling business environment for MSMEs, and reduction of the impediments they face. This thrust, though led by the Government, also requires support from the private sector.

Initiatives by Government to support the MSME sector:

  • The MSME & Entrepreneurship Policy was adopted by Parliament in 2013 to serve as a comprehensive framework for the implementation of strategies to support the growth and development of the MSME sector. This calls for a comprehensive approach and strategy that addresses the needs of businesses over the entire investment life-cycle. It involves a structured approach to business plan development and project design, the screening and evaluation of business plans and rigorous risk-management assessments, buttressed by a window for financing that includes various forms of debt as well as equity facilities.  
  • The Security Interest in Personal Property (SIPP) Act makes it possible for entrepreneurs to use moveable assets such as livestock, motor vehicles, agricultural products, stocks and securities to secure business loans. Owners of creative works, innovators and inventors can also leverage their intellectual property, such as copyright, patents and trademarks to be used as collateral in the process of securing loans.
  • The establishment of a Collateral Registry, which forms part of the secured transactions framework, is also important in facilitating entrepreneurial development, by expanding access to credit, while minimizing the risks of loan default. The Registry, administered by the Companies’ Office of Jamaica, is a repository of information on non-real estate assets being tendered as collateral for securing loans. 
  • The Insolvency Act provides for the rehabilitation of the insolvent debtor under court protection, and will help to remove the stigma and constraints associated with bankruptcy in Jamaica. The ultimate goal is that entrepreneurs will not be stigmatized for taking risks, nor left without remedies when normal business failures occur.
  • Integrated Service: In an effort to provide a more integrated service to the Micro, Small & Medium-sized Enterprise sector, the Minister has initiated efforts to consolidate the services of the Jamaica Business Development Corporation, Micro Investment Development Agency, and the Self Start Fund. In this regard, all these agencies are now governed by one single board. This move is to allow for a more efficient and structured approach in the provision and delivery of the advisory, developmental and financial services required to address the investment life cycle of the MSMEs.
  • Small Business Development Centers: The MIIC is engaged in implementing a plan to roll-out a national network of Small Business Development Centers (SBDCs) across the island. The goal is to put in place the necessary arrangements to ensure the effective delivery of business development and advisory services to MSMEs at world-class industry standards and in a consistent manner.
  • The Mobile Business Clinic Initiative is part of a larger effort to remove barriers to growth, to unlock investments, get businesses started and to strengthen the capacity of our micro, small and medium sized enterprises (MSMEs).

Documents

pdf
PDF icon MSME and Entrepreneurship Policy
Document Category: Policies
Date Published: 02 Nov 2015

The Ministry

Welcome to the official website of the Ministry of Industry, Commerce, Agriculture and Fisheries.

The Ministry of Industry, Commerce, Agriculture and Fisheries (MICAF) has been charged with the responsibility of driving the integration of the production of primary agricultural produce along all the stages of the supply chain through to value added and facilitating full commercialization of outputs of the agriculture, manufacturing, and service sectors.

We have, therefore, placed much energy and enthusiasm into the development of this website to provide timely information on the Ministry, our agencies and programmes.

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4 St. Lucia Avenue, Kingston 5, Jamaica
Telephone: (876) 968-7116 
Fax: (876) 960-7422 

Hope Gardens, Kingston 6, Jamaica
Telephone: (876) 927-1731-50 / (876) 619-1731
Fax: 876-927-1904
Email: psecoffice@micaf.gov.jm