THE Micro Investment Development Agency (MIDA) says it now has $5.1 billion in funds available for small business loans.

However, MIDA’s managing director, Vivian Chin, told the agency’s 15th anniversary seminar at the Terra Nova Hotel in Kingston yesterday that although the company was grateful for the intervention of entities such as Development Options Limited and the National Insurance Fund that gave a total of $200 million in loans to the MIDA between 2005 and 2007, its Community Development Funds (CDFs) were still facing some challenges.

“MIDA has not yet been successful in accessing the type of developmental micro-enterprise loan funds to grow all its CDFs to break-even portfolios,” Chin said.

MIDA has funded 22,575 small businesses and has created and sustained 36,517 full and part-time employment since its inception in 1991 when it had only $100 million available to offer micro businesses. The agency has also provided $1.71 billion in loans to the business sector over the past 15 years.

MIDA provides loans to persons whose business assets do not exceed $700,000, excluding land and building, and who have at least 75 per cent of their income coming from the business to be pursued, as well as individuals who will personally execute the project being financed.

The agency is mainly funded by Community Development Funds (CDFs) located in 12 parishes. CDFs are locally based limited liability bodies that have been the major retailer of MIDA’s funds since 1996.

Phillip Paulwell, the commerce minister, who addressed yesterday’s seminar, said small business development was a critical role in the economic empowering of the Jamaican people.