JBDC Seeking to Expand Support for MSMEs

Chief Executive Officer of the Jamaica Business Development Corporation (JBDC), Daenia Ashpole.

The Jamaica Business Development Corporation (JBDC) is seeking to strengthen collaboration with the MSME Alliance to help more Jamaican micro, small and medium-sized enterprises (MSMEs) access government procurement opportunities, secure financing, and expand their market presence.

JBDC Chief Executive Officer, Daenia Ashpole, says that while progress has been made in strengthening the capacity of local businesses, more must be done to translate business development support into tangible economic outcomes for MSMEs.

“Market access and cash flow remain major challenges. Our shared objective must be measurable results, not activity alone,” she stated.
The proposed collaboration follows recent discussions involving the JBDC, the MSME Alliance, the Small Business Association of Jamaica (SBAJ), and the Young Entrepreneurs Association (YEA).

The meeting, held at the JBDC’s headquarters on South Camp Road in Kingston, brought together key stakeholders to examine challenges affecting the growth of small businesses and explore opportunities for greater collaboration and institutional support.

A key priority is increasing MSME participation in government procurement, where opportunities remain underutilised despite provisions intended to improve small businesses’ access to public-sector contracts.

Under the Government’s procurement framework, 20 per cent of public procurement is reserved for MSMEs.

According to figures cited by the JBDC, approximately $36 billion was awarded through some 29,000 small contracts between 2023 and 2026, representing an average value of approximately $1.25 million per contract.

However, fewer than 1,000 businesses applied to the Government’s Supplier Registration System last year, compared to an estimated 425,000 MSMEs operating across Jamaica.

Ms. Ashpole said that requirements relating to tax compliance, regulatory obligations and financial reporting can present challenges for smaller businesses seeking to participate in the procurement process.

“[To address this], the JBDC is seeking to work with the MSME Alliance to provide targeted support that will help entrepreneurs meet these requirements and improve their readiness to compete for public contracts,” she said.

Access to working capital is another priority, as businesses often need financing to cover raw materials, production costs and payroll obligations before receiving payment for completed contracts.

“A confirmed contract or purchase order should carry weight when a small business applies for working capital,” Ms. Ashpole emphasised.

The Corporation is, therefore, interested in advancing discussions on financing arrangements that better recognise the commercial value of confirmed purchase orders and contracts.

Expanding market reach, including opportunities to access overseas customers, is also central to the proposed partnership.

Through its Things Jamaican retail network, the JBDC sources products from more than 600 Jamaican suppliers, providing local entrepreneurs with a valuable platform to showcase their offerings, connect with consumers and expand their market reach.

“As we strengthen Things Jamaican as a route to market, both at home and abroad, we want members of this Alliance to have a clear pathway to those opportunities,” Ms. Ashpole said.

The JBDC is also advocating for greater information-sharing among organisations that support MSMEs, with a view to strengthening the monitoring and evaluation of business development initiatives.

This would allow stakeholders to assess outcomes beyond the number of programmes delivered, including the number of businesses registered, procurement bids submitted, contracts awarded, financing secured and products successfully brought to market.

Ms. Ashpole also commended outgoing MSME Alliance President, Antoinette Hamilton, for her leadership and advocacy on behalf of Jamaica’s small-business community, while congratulating newly elected President, Mohan Beckford, on his appointment.

The JBDC said it looks forward to building on its ongoing dialogue with the Alliance to expand opportunities for Jamaican MSMEs.

Source: JIS