Govt to Ramp Up Promotion of Credit Enhancement Facility

Finance Minister, Dr. Nigel Clarke, says the take up of the government’s Credit Enhancement Facility, CEF, is not where it should be among small and medium-sized businesses.

Speaking at a recent, meeting of the Rotary Club of Kingston, Dr. Clarke says the government will better advertise the programme to increase its usage.

The CEF was launched in 2009 and is an arrangement between the Approved Financial Institutions and the Development Bank of Jamaica geared towards providing partial collateral guarantees for loans given to Small and Medium-sized Enterprises.

Dr. Clarke says the government is committed to growing the SME sector. He says the growth of SMEs is critical to Jamaica’s economic prospects.

He also says the long-awaited Micro Credit legislation aimed at regulating microfinance institutions should be ready before the end of the next financial year.

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