The plague of the pandemic has crippled the operation of many businesses, with little to no defense the Micro, Small, and Medium Enterprise, (MSME) has suffered the most inevitably seeing 40% of small businesses go under.
With the COVID-19 virus pandemic still in effect for over 17 months, the operation of small businesses have suffered drastically. President of the Small Business Association of Jamaica, Michael Lecky, pleas to the Government to protect and invest in these industries as they form the backbone of the country’s economy.
President Michael Leckie, says another 20% of small businesses is expected to become non-operational if the government does not turn its attention to the enterprise immediately. With over 400,000 MSMEs in Jamaica the president hopes to rebuild and resurrect small businesses that have fallen short during the pandemic.
Lecky says the sector is categorized into three groups consisting of micro, small and medium where the micro set of businesses consist of hustlers who are affected the most by the no-movement days and curfews. The President says the MSME deserves protection and recognition as it contributes 75% of the labour force within the economy.
While the President urges the Government to inject capital into the enterprise to sustain lives and livelihood, he says the MSME’s have a responsibility in becoming more creative and marketable. Leckie says small business operators who are informal should start the process of conversion to formal in order to reap more benefits from financial institutions.
More in this CVM Live story from Javine McLean:
