The Micro, Small and Medium-sized Enterprise (MSME) Division’s mandate is to implement a robust policy environment, formulate strategies, undertake projects, execute activities, and develop beneficial alliances that will foster the growth and development of the MSME sector. MSMEs are important drivers of sustained economic growth and social development in Jamaica.
MSME & Entrepreneurship Policy
The MSME Division’s function is grounded in the MSME & Entrepreneurship Policy, which was first developed in 2013. The policy was revised and updated in 2018, and is currently under revision, to determine the scope of the Division’s work programme for the next five years. The focus of the updated policy will be the following five goal areas:
- Promote, Productivity, Technology & Innovation
- Increase Access to Finance
- Enhance Market Access and Internationalization
- Enhance Policy and Regulatory Environment
- Promote Entrepreneurship & Human Capital Development
Click the PDF to read more about the MSME & Entrepreneurship Policy 2018:
Key Partners
The MSME Division is supported in its implementation of policy, programmes and projects through working closely with the following agencies of MIIC,
Additionally, the Division works with other Ministries, Departments and Agencies (MDA) as well as local, regional and international partners on policy priorities to foster the growth and development of the MSME sector.
Access to Affordable Financing for MSMEs
Creating opportunities for MSMEs to access affordable financing to support the growth of their business is a critical step to advance economic development and reduce poverty. The MIIC sought to address this issue with the establishment of a MSME Fund in 2021 at the EXIM Bank.
The MSME Fund was a special concessionary loan facility that provided access to up to J$25 million at 4.75% interest per annum with maximum 5 years to repay, as well as a 12-month moratorium.
At the end of 2023, twenty-three clients (23) were approved by the EXIM Bank under the loan facility with J$335,055,633.18 being disbursed to eligible SMEs.
MSME Business Roadshow – Phase 1
The MSME Business Roadshow (MBR) supports private sector growth, particularly for MSMEs, by providing coaching, mentoring, and technical assistance. It connects MSMEs with government support initiatives through engagement with MIIC agencies and partners.
Phase 1 was executed in Fiscal Year 2023/2024 and was funded by the Inter-American Development Bank (IDB) and MIIC, with support totalling US$294,000 and J$3,313,018.07 respectively. The parishes targeted were Manchester, St. Ann, St. James, as well as Kingston and St. Andrew.
MSMEs present at our 2023/ 2024 Business Roadshow
Winners of our Business Pitch Competition
in grants from Development Bank of Jamaica
MSME benefited from the Roadshow
Micro Business Pitch Competition
A Micro Business Pitch Competition was staged as part of Phase 1 of the MSME Business Roadshow. It provided an opportunity for micro entrepreneurs to access professional recommendations and funding to scale their ventures.
All winners were assisted with accessing business development support after the pitch competition. One woman owned business was admitted to the Export Max 2024 Cohort, while another was supported with applying for technical assistance under the DBJ Gemini Project.
Number of Participants entered – 86
Number of Participants selected – 35
Number of winners – 10
Women Entrepreneurship Support (WES) Project
The Women Entrepreneurship Support (WES) Project, launched in 2018, tackles challenges faced by women in business by providing capacity building, technical assistance, and financial support. The programme was designed in collaboration with the Bureau of Gender Affairs and has had three successful phases.
- Phase – 1: Four (4) female business owners benefitted from capacity building and received a grant of J$250,000 from MIIC to support with acquiring equipment.
- Phase – 2: Ten (10) female business owners benefitted from business development support and capacity building intervention, through funding received from UN Women.
- Phase – 3: This phase was funded by the Government of Canada through the Canada Fund for Local Initiative (CFLI). Key outputs include
- Policy Forum: Forty-three (43) women participated in the policy forum and discussed recommendations for addressing the challenges faced by women-owned businesses. The findings were incorporated in the 2024 MSME & Entrepreneurship Policy.
- Workshop Series: Sixty-three (63) women business owners from the parishes of St. Thomas, Westmoreland and Manchester were trained in business formalization and entrepreneurship.
- Formalisation Support: the project facilitated the registration of Fifty (50) women owned businesses with the Companies Office of Jamaica (COJ), and the Jamaica Manufacturers and Exporters Association (JMEA).
- Business Development: Twenty-five (25) women owned businesses received business equipment support valued at $25,000 each.
Senator the Honourable Aubyn Hill, Minister of Industry, Investment and Commerce, hosted a Women in Business Breakfast for International Women’s Day 2024. The event featured discussions on advancing gender equality and emphasized the importance of investing in women’s leadership for an inclusive future. There were 30 women leaders from the public and private sector in attendance.
The Public Procurement Readiness Project aims to increase the participation of MSMEs in the public procurement process, by enhancing their capacity to successfully bid for public sector contracts.
Upcoming Projects
MSME Business Roadshow: Phase 2
Phase 2 of the MBR will commence at the end of the second quarter of Fiscal Year 2024/2025 and will cover the parishes of Clarendon, St. Elizabeth, Westmoreland, St. Thomas and St. Catherine.
Public Procurement Readiness Project: Phase 2
The Public Procurement Readiness Project continues to tackle a key hurdle for MSMEs. By equipping them with the skills to win public sector contracts, the project increases their access to valuable market opportunities. This not only benefits MSMEs, but also creates a wider range of qualified suppliers for government agencies to choose from.
The project is targeting one hundred and fifty (150) MSMEs. It is being implemented by the Jamaica Business Development Corporation (JBDC), while the training is led by officers from the Office of Public Procurement Policy (OPPP) within the Ministry of Finance and the Public Service (MOFPS), and the Public Procurement Commission (PPC).
- During Fiscal Year 2024/2025, an additional eighty-three (83) MSMEs in Manchester, St. James and Kingston were trained.
The Digital Transition Programme (Digital Jamaica)
The Digital Transition Programme (Digital Jamaica) aims to broaden inclusive access to and utilization of information and communication technologies (ICT) throughout the country. By doing so, the programme supports Jamaica’s ongoing transition towards a robust digital economy and society. Digital Jamaica is funded by the European Union (EU) through a grant of €9.5 million. Digital Jamaica will target interventions across the following three components: The ICT Sector, The Education Sector, and The MSME Sector.
- It will empower the Jamaica Business Development Corporation (JBDC) and its Small Business Development Centres (SBDCs) to deliver specialized MSME training programmes tailored to each business’s specific digital needs.
- The project will support MIIC’s integration of digital transitioning services into its existing business development system, to aid MSMEs nationwide.
- The project will be executed across 4 years, from Fiscal Year 2022/2023 to Fiscal Year 2025/2026 at a cost of €5 million.
- Approximately 5,000 MSMEs will be targeted.
United States Treasury, Office of Technical Assistance (USTOTA) Project
In 2023, the MIIC approached the USOTA to provide Technical Assistance (TA) to strengthen the MSME sector generally, and specifically to implement four (4) priority projects, aimed at facilitating increased access to financial products and services for MSME growth and development.
The Project aims to assist the Ministry with the following:
- Design and implementation of a public awareness and training intervention on the application of the secured transactions law and usage of the collateral registry. This is intended to foster a greater understanding of various types of movable assets that can be leveraged to facilitate access to financing, thereby enhancing the utilization of the registry by users.
- Development of a financial product in line with current secured transactions law and recommendations on a disposition model.
- Development of a centralized MSME data monitoring system that allows policy makers to make data driven policy decisions.
- Design and implementation of a MSME business and financial education and information hub.
Improved Secured Transactions Regime (STR) in Jamaica
The Security Interests in Personal Property Act (SIPPA) 2013, is a key component of Jamaica’s secured transactions regime and came into effect in January 2014. SIPPA aims to expand the range of assets that can be used as collateral for securing financing to include movable personal property, such as intellectual property (IP).
In 2023, the MIIC invited specific special interest groups and the general public to give comments and recommendations and make submissions to the Joint Select Committee with respect to the SIPPA. The Joint Select Committee met to review, hear and discuss the submissions of the SIPPA in June and November 2023 as well as in April 2024. The review process continues in 2024.