Balcostics Research in partnership with the Private Sector Organization of Jamaica (PSOJ) conducted a survey of Jamaican SMEs who were in attendance at the recently held “NCB/ IDB SME Conference” sponsored by the National Commercial Bank of Jamaica (NCB), and the Inter-American Development Bank (IDB). The conference was held over a three day weekend (June 21st -23rd,2013), at the Hilton Resort and Spa in Montego Bay.
Watch our review of the report findings below via Balcostics Ed
The Survey/ Research provide answers to the following questions:
- What is the demographic profile of Jamaica’s Small Business Enterprises (SMEs)? (age, gender, education level, years in operation)
- What are the main challenges facing Jamaican Small Business Enterprises (SMEs)?
- What are the main reasons Jamaicans choose entrepreneurship?
- What type of social media, if any, are Jamaican entrepreneurs using in their businesses?
Main findings from the survey:
- Access to financing is the main challenge facing Jamaican Small Business Enterprises (SMEs) – 50% of participants
- Government policies (15%), Administrative procedures (11%) & Limited Workforce were among the other notable factors affecting Jamaican Small Business Enterprises (SMEs)
- Use of financing: the majority of Jamaican Small Business Enterprises (SMEs) would use same for expansion (94%)
- The precise purpose of financing is outline in the video review (above) or pdf presentation (below):
Download a copy of the presentation Report highlights: click here
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Would you kindly break out the data in your next survey of MSMEs distinctly between Micro businesses vs small businesses as they are distinctly separate in the Jamaican context.