top of page

New SME Funding Opportunity

Updated: Sep 21, 2023

Minister of Industry, Commerce, Agriculture and Fisheries, Honourable Audley Shaw, MP

Freshly minted, Minister of Industry, Commerce, Agriculture and Fisheries, Honourable Audley Shaw has announced plans for the establishment of a JM$15B special fund for lending at single-digit interest rates to boost the Small and Medium Enterprise (SME) sector.

Speaking at the opening ceremony at the recently concluded 11th Annual Small Business Expo (SBE) and Conference, Minister Shaw stated that the Fund will be established from dormant and unclaimed accounts that have been returned to the Government of Jamaica. “Dormant and unclaimed funds go back to the Government of Jamaica after 15 years. It is my intention to bring this provision in line with international standards with the appropriate Cabinet approvals and reduce the time period to seven years,” he said. Minister Shaw further cited that in some States in America, funds are returned after five years.

Nicole West-Hayles, Founder of West Communications and Business Support Solutions inscribes vision on the visioning board

There are 400,000 registered SMEs in Jamaica. The Sector has been recognised for its economic significance as the largest contributor to the labour market. Nonetheless, SMEs remain challenged by access to affordable financing. The Minister is hopeful that this facility will rekindle the entrepreneurial spirit and move SMEs from the periphery of growth, development and profitability. To this end, the Minister encouraged informal business to formalise, get registered and market their operations.

The SBE was hosted by the Jamaica Business Development Corporation (JBDC) under the theme, “The Business Anatomy: Exploring the Hidden Parts”. Similar to humans, the Business Anatomy comprises of the heart (team); immune system (law); nervous system (corporate governance); and the brain (entrepreneurial mindset).

42 views0 comments


bottom of page