WILLIAMS-GRAHAM...given that this initiative is designed to benefit small businesses, incorporating MSME representatives in the planning and decision-making process could ensure that the exchange is structured to be practical, accessible, and aligned with the realities of smaller enterprises
MSME sector wants seat on technical working committee to establish micro market…
otherwise pleased with proposed budgetary support for small businesses
The Young Entrepreneurs Association (YEA) is expressing dissatisfaction that a representative from the micro, small and medium-sized enterprise (MSME) sector was not named among individuals that will sit as part of a technical working committee formed to oversee the development of the Jamaica Stock Exchange (JSE) micro market.
Finance Minister Fayval Williams, in her maiden presentation of the country’s 2025/26 budget opening on Tuesday, said the committee to be formed will include representatives from the Ministry of Finance & Public Service, JSE, Companies Office of Jamaica, the legal fraternity, the Securities Dealers’ Association, and the Private Sector Organisation of Jamaica (PSOJ).
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Generally pleased with the development of the micro market at this time, YEA President Cordell Williams-Graham said she is, however, peeved that representative from the sector was not named among those mentioned. Indicating that an exclusion of at least one sector rep in the discussions will defeat the purpose, the president said that for far too long policies in the country are being crafted for small businesses without their input.
“The proposed micro stock exchange has the potential to offer an alternative capital-raising mechanism for MSMEs, reducing reliance on traditional bank loans. However, one concern is that MSME associations were not included in the committee developing this framework. Given that this initiative is designed to benefit small businesses, incorporating MSME representatives in the planning and decision-making process could ensure that the exchange is structured to be practical, accessible, and aligned with the realities of smaller enterprises,” Williams-Graham told the Jamaica Observer.
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The timing to move forward with the establishment of the micro market comes more than 15 years after the Junior Market was formed in 2009 and following many calls by smaller entities wanting to raise capital for business growth but could not meet the Junior Market’s requirement. The micro market, which is to facilitate the growth of these players, will enable members of the sector to raise equity capital between $10 million and $50 million.
The JSE has already indicated that over 250 micro and small businesses were in need of equity capital funding and stands ready and waiting to capitalise on this benefit.
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“We fully expect that a fully functioning micro market will put structure to more businesses in Jamaica for sustainability and growth and access to equity capital. We will begin these meetings of the technical working committee as soon as we start the new fiscal year,” the finance minister said during her budget speech in Parliament earlier this week.
In light of the sector’s exclusion from the committee, the YEA president, in calling for strengthened collaborations between government and the various small business groupings, said this is equally as important as the financing to be made available. This, as she believes that it is in “exploring opportunities to partner with these organisations and providing grant funding for structured business development programmes that the entrepreneurial ecosystem could be further strengthened.
MSMEs, largely considered the engine of growth in any society, is said to contribute billions in sales growth while accounting for high levels of job creation.
The YEA, however, encouraged by the other budgetary support to come for MSMEs, said that provisions made to facilitate a $2-billion allocation to the Development Bank of Jamaica (DBJ) for on lending to the sector as well as an increase in capital allowance to support investments in infrastructure and equipment and a further collaboration by government and financial institutions to ease the requirements for the activation of business accounts are steps in the right direction.
“The 2025/26 budget introduces several valuable measures for MSMEs, particularly in financing, tax relief, and investment opportunities. These initiatives, if implemented effectively, could provide meaningful support for small businesses. However, key challenges remain, including delayed payments, digital transformation support, and the need for stronger collaboration between Government and MSME organisations. Moving forward, ongoing dialogue between policymakers and the sector could enhance the effectiveness of these initiatives. It is in ensuring that policies are practical, inclusive, and accessible, that we can create an environment where small businesses can not only survive but thrive—ultimately driving sustained economic growth for Jamaica,” Williams-Graham said.
“The YEA looks forward to hearing further details in the prime minister’s presentation and the sectoral debates to follow and we stand ready to collaborate, advocate, and push for further reforms that will empower Jamaica’s MSMEs,” she added.
President of the Small Business Association of Jamaica (SBAJ) Garnett Reid, equally satisfied with the general provisions of the budget and the sector’s inclusion, said his only concern is that the $2-billion allocation could have been a little more, maybe $5 billion.
“At $2 billion…My only hope is for these funds to reach to those small operators who need it the most. The DBJ recently appointed Dr David Lowe as their new managing director and my organisation should be having a meeting with him soon so we will be discussing the matter further concerning how these funds will be allocated. However, based on all that we’ve heard in the minister’s presentation I would grade her at eight out of 10,” he stated.
