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Single new Board to promote interests of MSME sector

Three entities have been merged under a single Board by the Ministry of Industry, Investment & Commerce, in order to advance the growth and development of micro, small and medium sized enterprises (MSMEs).

They are the Jamaica Business Development Corporation, the Micro Investment Development Agency and the Self Start Fund, and will be overseen by new Board Head, Brian Pengelley, former President of the Jamaica Manufacturers’ Association (JMA).

“The point of the whole exercise is to make sure that we are putting greater emphasis on the development of the MSME sector and that we’re giving it a chance to really come alive,” Mr. Pengelley said, in an interview with JIS News. 

The merger also forms part of a general move to reposition the agencies to provide capacity building services for the MSME sector and to focus on the business of lending to the micro sector at competitive rates in a more targeted fashion.

“The area that is going to give us growth is the MSME sector. Therefore, if we can get things moving then we can see the growth we are hoping for,” Mr Pengelley said, noting that the Board was appointed sometime last month.

Industry Minister, Anthony Hylton, continues to emphasize the importance of the sector in providing growth to the economy as well as employment.

Commenting on the merger, the Minister explained that it was done to “implement an integrated framework for the delivery of business development and financial services to the sector.”



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