Start-Ups And Small Businesses “Important Pillars” of Jamaica’s Economy

Above: State Minister Sharon Ffolkes-Abrahams (right) with  Access Financial Services Limited’s Chief Executive Officer, Marcus James (JIS Photo)

By the Caribbean Journal staff

Jamaica’s government will continue to provide support to assist entrepreneurs in getting off the ground and commercialising their businesses, according to State Minister for Industry, Investment and Commerce Sharon Ffolkes Abrahams.

“We see the fostering of start-ups and early-stage ventures as an important pillar in the country’s business strategy,” said Ffolkes-Abrahams, who was speaking at the opening of Access Financial Services Limited’s newest branch in downtown Kingston Friday.

According to Ffolkes-Abrahams, the country’s micro, small and medium-sized enterprises sector received some $28.4 million in loan disbursements last year.

Still, there still remains something of a “reticence to borrow,” along with an inability by certain small business clients to meet borrowing requirements like good credit and the provision of collateral.

“It is for reasons, such as these, that we welcome the introduction of Credit Bureaus, and we are now making significant strides towards establishing a secured transactions framework,” she said.

One credit bureau licence has already been granted, something which should introduce greater efficiency into the small business loan market.