Innovative Financing Mechanism for MSMEs: Jamaica

"Regional Meeting on Innovative Mechanisms for Financing and Guarantees for MSMEs in Latin America and the Caribbean“.

Santo Domingo, Dominican Republic, April 19 – 21, 2017

SESSION I. CARIBBEAN PANEL: STATUS OF FINANCING AND GUARANTEES FOR MSMEs IN CARIBBEAN COUNTRIES. RECOMENDATIONS BASED ON BEST PRACTICES

Innovative Financing Mechanism for MSMEs: Jamaica

Presentation of Clifford Spencer, Director of Projects and Programs for MSMEs. Ministry of Industry, Commerce, Agriculture & Fisheries of Jamaica. Photo credits: MICM Dominican Republic.

Overview:

• Creative and innovative Micro, Small and Medium-Sized Enterprises (MSMEs) are important drivers of economic growth, equity in income distribution and sustained development in Jamaica. While several countries use the term ‘SMEs’ (Small and Medium Enterprises),
• The portfolio Ministry in Jamaica uses the standard term ‘MSMEs’ signaling the need to include “micro” enterprises the policy development process.
• MSMEs enterprises collectively play a significant role in the creation and retention of wealth while generating significant opportunities for employment and sustenance as well as providing the support needed for private sector growth and expansion

MSME & The Economy:

• MSMEs are significant drivers of growth in Jamaica
• 97.6% of classified taxpaying businesses are MSMEs
• Employment - Over 50 % of Jobs created
• Taxes – 20% of taxes
• Foreign exchange saving/earnings – import substitution and supply chains

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