FOR IMMEDIATE RELEASE
KINGSTON, October 5, 2026: The Private Sector Organisation of Jamaica (The PSOJ) has welcomed increased efforts to expand financing options for Jamaica’s micro, small and medium-sized enterprises (MSMEs), while calling for greater transparency around the actual accessibility, disbursement and impact of these programmes.
The PSOJ’s comments follow recent discussions between the Development Bank of Jamaica (DBJ) and the MSME Alliance, a member of The PSOJ, which highlighted initiatives aimed at addressing some of the longstanding financing challenges facing small businesses.
The Organisation said programmes such as the ORBIT Loan Programme, Credit Enhancement Facility, M5 Business Recovery Programme and GEMINI+ represent important efforts to respond to the financing needs of the sector. However, The PSOJ stressed that the ultimate measure of success must go beyond the availability or announcement of funding.
“For many small businesses, the issue is not simply whether financing exists on paper, but whether they can reasonably access it,” said PSOJ President, Patrick Hylton. “We have to look at how many businesses are applying, how many are being approved, how quickly funds are reaching them and, importantly, whether that financing is helping businesses survive, expand, employ more people and become more productive.”
The PSOJ said feedback from sections of the MSME community over time has pointed to challenges including complex application processes, extensive documentation requirements, lengthy processing periods and eligibility conditions that can be particularly difficult for micro and smaller enterprises to satisfy.
While recognising the need for appropriate due diligence and sound lending standards, the Organisation said financing programmes designed specifically for MSMEs must take account of the realities in which these businesses operate.
“We cannot measure access by the amount of money allocated to a programme. Funds can be available and still remain effectively out of reach for the businesses they were intended to support,” Hylton added. “The real test is how much gets into the hands of viable businesses and what happens after that support is provided.”
The PSOJ is therefore encouraging the DBJ and other institutions administering publicly supported MSME financing programmes to regularly publish key performance information, including the number of applications received and approved; the proportion of available funds disbursed; average application and processing times; the geographic and sectoral distribution of beneficiaries; the most common reasons applications are unsuccessful; and repayment performance, including delinquency and default rates. These credit-performance indicators are important to assessing whether programmes are both accessible to MSMEs and financially sustainable over time.
The Organisation is also recommending greater tracking of outcomes, including business survival, job retention and creation, revenue growth, productivity and the ability of beneficiary businesses to subsequently access commercial financing. Reporting should also measure the economic return generated relative to the public and development resources deployed, including the return on public and development capital, the amount of private capital mobilised and the wider economic value created. Together, these measures would provide a clearer picture of whether the programmes are delivering adequate and sustainable value for businesses, funders and the wider economy.
PSOJ Executive Director, Sacha Vaccianna-Riley said stronger reporting would not only support accountability but could help policymakers and financial institutions identify where obstacles remain and improve the design of future interventions.
“MSMEs themselves also have a responsibility to strengthen their financial management, record-keeping, formalisation and overall business readiness,” Vaccianna-Riley said. “But that has to be matched by financing mechanisms that are practical, responsive and designed around the realities of the businesses they are intended to serve.”
The PSOJ said it supports continued engagement among the DBJ, financial institutions, business support organisations and representative bodies such as the MSME Alliance to identify and address barriers to financing.
With MSMEs playing an important role in employment, entrepreneurship and economic activity, the Organisation said improving access to finance must remain central to Jamaica’s wider growth agenda.
“The conversation now has to move from how much financing is available to how much is actually accessible and what measurable difference it is making,” Hylton said. “That is how we will know whether these programmes are truly working for Jamaica’s small businesses.”
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MEDIA CONTACT
Velton Gooden Jr.
Communications Associate
The Private Sector Organisation of Jamaica
Email: veltong@psoj.org
Telephone: (876) 836-4285