Target MSMEs

 The following is taken from the Private Sector Organisation of Jamaica's Economic Policy Framework.

Self-employed persons and small businesses with less than 50 employees account for an estimated 65 per cent of the employed labour force in Jamaica. Such businesses have been particularly hard-hit during the current downturn with their gross sales cut by an estimated 49 per cent according to the Economic and Social Survey of Jamaica (ESSJ) 2009. The PSOJ believes that small businesses need urgent support and strongly urge the following:

That the GOJ increase credit available to Micro, Small and Medium Enterprises (MSMEs) through local development finance institutions;

Move to develop mutual guarantee fund;

Enact policies to stimulate venture capital and other equity financing for MSMEs;

Establish business incubators for micro and small enterprises;

Implement national programmes for training and mentoring entrepreneurs.

Reform the collateral framework

Remove stamp duty and other transaction costs involved in transferring loans among financial institutions.

For more information on The PSOJ's Economic Policy Framework, please visit The PSOJ's website at http://www.psoj.org.