MSMEs to Access Loans at Very Low Interest Rate

This was announced by Minister of State in the Ministry of Industry, Commerce, Agriculture and Fisheries, Hon. Floyd Green, at a workshop dubbed: ‘Time for Growth: Unlocking the Power of the SME’, at the Terra Nova All-Suite Hotel in St. Andrew, on Wednesday (July 3). Story Highlights “The Government is now unveiling a new facility. We’re seeking to go to $600 million [in funds to lend entrepreneurs]. We’re going to start with $400 million that will be given to the EX-IM Bank to lend in the micro, medium and small enterprise sector, largely focusing on our manufacturers,” he said. Owners of micro, small and medium-sized Enterprises (MSMEs) will soon be able to access loans for their businesses with help from the Government, at 4.75 per cent, one of the lowest interest rates that will be available on the market. Owners of micro, small and medium-sized Enterprises (MSMEs) will soon be able to access loans for their businesses with help from the Government, at 4.75 per cent, one of the lowest interest rates that will be available on the market.This was announced by Minister of State in the Ministry of Industry, Commerce, Agriculture and Fisheries, Hon. Floyd Green, at a workshop dubbed: ‘Time for Growth: Unlocking the Power of the SME’, at the Terra Nova All-Suite Hotel in St. Andrew, on Wednesday (July 3).“The Government is now unveiling a new facility. We’re seeking to go to $600 million [in funds to lend entrepreneurs]. We’re going to start with $400 million that will be given to the EX-IM Bank to lend in the micro, medium and small enterprise sector, largely focusing on our manufacturers,” he said.Mr. Green said local manufacturers have complained that the current interest rates are high, and this is a major reason the Government has looked into offering these loans at special interest rates.“Based on the discussions we had with the manufacturers, and based on the internal discussions with our MSME unit, we’re now looking to unveil that new facility at 4.75 per cent, which would be the lowest rate that the Government has ever put into the sector,” Mr. Green pointed out.“We’re doing that mostly to send a signal that it can be done, but we will never have enough money as a government to lend to the sector, so the banks now have to come on board,” he added.The ‘Time for Growth: Unlocking the Power of the SME’ workshop was held with the objective of highlighting the major roadblocks entrepreneurs are facing when they seek to access capital for growth and development.It also featured a breakout session aimed at creating a conversation among MSMEs and various facilitators, with the goal of gathering key insights on their perspective on accessing finances and the movement towards reforming the financial ecosystem.The event was hosted by the Private Sector Organisation of Jamaica (PSOJ) and the Jamaica Bankers Association. read more

PHOTOS GovernorGeneral Reads World Mental Health Day Proclamation

Governor-General, His Excellency, the Most Hon. Sir Patrick Allen (left), presents Director of Mental Health and Substance Abuse in the Ministry of Health and Wellness, Dr. Kevin Goulbourne, with the Proclamation for World Mental Health Day, following the document’s reading at King’s House on October 4. The Day’s annual commemoration on October 10, is aimed at heightening awareness of mental health issues globally and mobilising support to addressing these.

Talks continue between Brock CUPE 4207

Officials from Brock University are continuing mediated contract negotiations with CUPE 4207 (Unit 1) in an attempt to reach a collective agreement before the union’s strike deadline of 12:01 a.m. Monday, March 14.The union represents teaching assistants, part-time instructors, course co-ordinators, lab demonstrators, marker-graders at Brock.On the opening day of weekend talks, which are being assisted by a provincially-appointed mediator, negotiators worked from Friday morning to 4 a.m. Saturday.Talks are to resume on Sunday, when Brock’s negotiating team will respond to a proposal from the union.Monitor this website throughout the weekend for updates on the negotiations.– Collective Bargaining site