Small business sector gets boost

Paulwell

MINISTER OF Industry, Commerce and Techn-ology, Phillip Paulwell, has said that the Government has increased its loan funds to the small and micro enterprise (SME) sector this year by 104 per cent.

Speaking in the 2001/02 Budget Debate Mr. Paulwell said the amount allocated has moved from $206 million last year to $422 million this year, an increase of $216 million.

He also disclosed that total disbursements by the main retail institutions were $822 million this year, up from $612 million last year.

"We have, during the year under review, created and maintained 12,000 jobs in the small and micro sectors," he added.

Turning to the Micro Finance Pro-gramme (MicroFIN), Mr. Paulwell said $156 million was disbursed to 4,379 businesses. "I am very pleased to see that under this particular project, we were able to lend 55 per cent of this money to wo-men." Funds were also disbursed to young entrepreneurs between 20 and 35 years.

For the current financial year, he said MicroFIN has earmarked $20 million to be loaned to young people affiliated to the Jamaica 4-H Club. An additional amount of $20 million would be allotted to small exporters through the Jamaica Exporters' Association(JEA).

Commenting on the 'Production Train', the Industry, Com-merce and Techno-logy Minister reported that there were a number of successful projects under this scheme.

He noted that the Port Morant Food Processor Limited, in St. Thomas, which was engaged in the processing of ackee, had employed 100 persons under the 'Production Train'.

The company has plans to lease a 200-hectare property to grow ackee and to expand.

Mr. Paulwell explained that almost 6,000 persons had been engaged in seminars and discussions on how they could receive assistance, as well as how they could put together a business plan.

In Westmoreland, a call centre has been established employing 40 persons under the 'Production Train'.

The 'Production Train' was launched in July last year to assist small entrepreneurs to set up viable ventures and to help existing ones to stay profitable.

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