Above: Investment Minister Anthony Hylton (right) says Jamaica is planning to provide $9 million USD for small enterprises (JIS Photo)

By the Caribbean Journal staff

Jamaica’s government is planning a major push to boost micro, small and medium-sized enterprises in the country.

That was revealed this week by Industry, Investment and Commerce Minister Anthony Hylton, who said the government would be providing about $9 million USD in loan financing for these types of businesses.

“The MSMEs are the best vehicles for inclusive growth in the country, to create local demand and consumption,” Hylton said. “While creating employment generation activities, they will also form a significant part of the logistics-centred economy.”

Hylton said his Ministry was working to restructure “aspects” of Jamaica’s existing MSME funding framework, including reforming the agencies that lend to and advise small businesses like the Jamaica Business Development Corporation and the Micro Investment Development Agency Limited.

“In moving forward, our MSMEs need to constantly innovate, both in terms of products and processes,” he said. “Our MSME entrepreneurs must have a wide vision, so that they are able to spot new opportunities for their products or services at all times.”