A total of $13 billion in affordable loans and credit guarantees were provided for Micro, Small and Medium-sized Enterprises (MSMEs) by the Government during fiscal year 2022/23.
This was disclosed by Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, during the University of Technology (UTech) Jamaica’s 41st annual marketing seminar at the Jamaica Conference Centre in downtown Kingston, on Wednesday (April 5).
The provision formed part of Government’s efforts to improve MSMEs’ access to financing.
Senator Hill said the Ministry, through the National Export-Import (EXIM) Bank, provided special soft loans at an interest rate of 4.75 per cent for eligible MSMEs.
He indicated that small and medium-sized enterprises (SMEs) were able to access up to $25 million, and micro businesses a maximum of $5 million, for up to five years.
“Short and medium-term loans have been disbursed to MSMEs in a range of sectors. That $13 billion involves guarantees, including DBJ (Development Bank of Jamaica) not just the EXIM Bank. These efforts serve to stimulate growth and develop unfunded MSMEs, particularly where there is great potential for value-added products which are poised for export,” the Minister said.
Senator Hill assured that the Ministry will continue to extend tangible support to the MSME sector.
“The Ministry is also mindful of how it needs to lead MSMEs. The rebranding exercise on which we embark is a demonstration to others that there is need for [the] assessment of strengths and weaknesses as well as opportunities and threats,” he emphasised.
Meanwhile, Senator Hill said greater focus must be placed on exports to reduce Jamaica’s trade gap.
Citing 2021 data, the Minister said Jamaica imported products and services valued at US$5.975 billion, as against exports valued at US$1.441 billion, pointing out that “the negative balance is US$4.5 billion”.
Senator Hill emphasised that more goods and services need to be exported in order to begin closing the deficit.
He challenged fledgling marketers attending the conference to develop a jingle that promotes exports and, by extension, Brand Jamaica.
“When you do that and you bring it in, I will make sure that we fold our brand around it and make sure it works,” the Minister said.
Senator Hill maintained that Jamaicans should also continue to create products and services that will make the country competitive and successful in overseas markets.
Meanwhile, he urged the marketers to consistently aim for excellence and to do so to the best of their ability.
“Anytime you are doing anything, including running a business, you must think about everything, and everything you put your hand to and your mind, must be excellence,” Senator Hill added.
Seminar Day Programme Lead, Alanis Blake, explained that the session aimed to bring together stakeholders to discuss relevant topics and issues within the global environment and its relation to marketing.
The seminar was held under the theme ‘Branding Matters: Marketing Strategies Meaningful Engagements’.
The UTech Jamaica Marketing Seminar is the longest running student-led academic conference in the Caribbean.
