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MSME manufacturers to benefit from low EXIM Bank interest rate-Green


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July 2019
 

State Minister in the Industry, Commerce, Agriculture and Fisheries Ministry, Hon. Floyd Green (right) listens on as the Inter-American Development Bank, Chief of Operations in Jamaica, Adriana La Valley, speaks during a panel discussion hosted by the Private Sector Organization of Jamaica, at the Terra Nova All-Suite Hotel in St. Andrew on July 3.

Above Body

 04 Jul 2019    communications   

Micro, small and medium-sized (MSMEs) manufacturers will soon be able to benefit from new a loan facility offered by the National Export-Import (EXIM) Bank of Jamaica at an interest rate of 4.75 per cent.
State Minister in the Industry, Commerce, Agriculture and Fisheries Ministry, Hon. Floyd Green, made the announcement at a Private Sector Organisation of Jamaica (PSOJ) Access to Finance Facilitation Panel (ACFFP) discussion, at the Terra Nova All-Suite Hotel in St. Andrew on July 3.
“We have said to our bank, the EXIM Bank that we have to work through some nuances and do more. From a Government point of view, we are seeking to go to $600 million that will be given to the EXIM Bank for loans, but we are starting at $400 million to on-lend into the MSME sector,” he said.
Mr. Green said the interest rate represents the best ever offered to the sector and sends a message that lowering interest rates can be done.
Meanwhile, as the government pushes to make it easier to register a business, Mr. Green indicated that persons will be able to do so online by the end of July without having to go into the Companies Office of Jamaica (COJ).
Additionally, he pointed out that plans are in the offing to establish 12 kiosks in certain tax offices across the island to enable the further registration of businesses with the COJ.
An agency of the Ministry of Industry, Commerce, Agriculture and Fisheries, the COJ is an executive agency responsible for the registration of businesses.
Mr. Green is also looking at the establishment of additional business incubator spaces and wants to collaborate with the PSOJ and the banks to make this a reality.
Incubators help new and start-up companies to develop by providing services such as management training or office spaces.
The PSOJ workshop is aimed at bringing together all the players to increase awareness around government reform initiatives, including the current products and service offerings for small and medium-sized entrepreneurs, and to support them in taking advantage of public and private sector-led opportunities, among other things.
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The Ministry of Industry, Commerce, Agriculture and Fisheries (MICAF) has been charged with the responsibility of driving the integration of the production of primary agricultural produce along all the stages of the supply chain through to value added and facilitating full commercialization of outputs of the agriculture, manufacturing, and service sectors.

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