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Howard Mitchell, president of the Private Sector Organisation of Jamaica (PSOJ), said while the reduction in interest rates was commendable, more needed to be done to help small businesses access finance.
“We acknowledge that interest rates have been significantly reduced and credit is generally more accessible through the banking system for local businesses that are financially sound and comply with international financial reporting standards,” Mitchell noted.
“Sadly, however, these are not the businesses that need credit and we need to encourage and empower in order to broaden our economic base and ensure inclusive growth.”
He spoke at the Jamaica International Exhibition (JIE) breakfast held at the S Hotel in Montego Bay yesterday (April 16).
Mitchell said Jamaica has one of the lowest rates of financial services penetration in the Caribbean Basin and Latin America, aside from Haiti, and needs to do better if it wants to improve its economic situation.
He added: “We in the private sector must urgently work with the government to improve access to finance for micro, small and medium enterprises and enhance their financial education.”
“As for access to credit, what is the reason Exim Bank can’t get more loan funds? For years, we have been begging Exim Bank to provide more loan funds at lower interest rates…For years, all we got was promises while other industries got crazy funds.”
He said it was frustrating that other industries that did not have the same employment multiplier as manufacturing were being given priority, which he noted was “illogical”.
Mitchell added: “No other industry has the foreign exchange retention that we do… It’s one of those things that makes you scratch your head and wonder what planet our policymakers are from.”
Mitchell said the upcoming JIE trade show would be a boost for local businesses and they should be given the support they “deserve”.
He noted: “Hosting an exhibition is always a risky business… Holding an exhibition and inviting foreigners is even riskier… It requires confidence in your product and a commitment to excellence.”
“Both qualities were on full display at the second edition of the JIE trade show… and your young team was full of energy and talent.”
Mitchell added that he is a governor of the Jamaica Manufacturers and Exporters Association (JMEA), “There is a level of confidence in our business community that I have not seen in a long time.”
He said that every time “I talk to my peers” while touring the Caribbean, they talk about Jamaica and congratulate it, “and I believe that many overseas visitors will come to see the show out of curiosity to see if the good news they have heard is true.”
Mitchell said he is confident that this year’s exhibition will be the biggest and best yet, “and I bring today the good wishes and full support of the PSOJ.”
The JIE, which will be held at the Montego Bay Convention Centre from May 30 to June 1, is a biennial multi-industry trade show that provides a global marketplace for local products. It also provides an excellent opportunity for business-to-business networking and strengthening import and export opportunities with Jamaica’s global trading partners.
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