PSOJ President Patrick Hylton - FILE PHOTO
The Private Sector Organization of Jamaica (PSOJ) is recommending a switch in focus from how much financing is available for members of the MSME sector to how much is accessible.
PSOJ President Patrick Hylton, in a statement on the matter, stressed that it is extremely important to determine whether the various financing programmes, developed and announced by the Development Bank of Jamaica (DBJ), are working for members of the sector.
Mr Hylton said this is why the PSOJ is encouraging greater collaboration and communication between the DBJ and the other institutions providing financing to members to regularly publish information, including the number of applications received and approved.
Additionally, he this information must include the amount that has been disbursed, the average application processing time, where the firms are located, and the sectors in which they operate.
He added that institutions must explain why applications are unsuccessful as well as what are the delinquency and default rates.
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