Vice President of the Private Sector Organization of Jamaica, PSOJ, Keith Duncan, says there’s a huge opportunity for banks to lend more to small and medium enterprises, SMEs.
According to Mr. Duncan, SMEs provide as much as 80% of the country’s jobs.
But he says only about one in every ten SMEs have a loan from a bank.
Mr. Duncan, who’s also the CEO of JMMB Group, says banks need to move to find different ways of lending to SMEs.
The PSOJ VP says experience in other countries, including Bosnia, Guatemala and Peru, has shown great success with these strategies.
He was speaking yesterday at an initiative spearheaded by the PSOJ, Jamaica Bankers Association and MSME Alliance, to create easier access to finance for MSMEs.
Meanwhile, Minister of Industry and Commerce, Audley Shaw, says the initiative is groundbreaking.
However, he’s urging MSMEs to formalize themselves, in order to benefit from changes in the market.
Minister Shaw is also reiterating calls for a micro stock exchange to be developed.