THE MSME Alliance has joined the Private Sector Association of Jamaica (PSOJ) in a bid to help boost the micro, small and medium-sized enterprise (MSME) sector.

The PSOJ along with long time member of the organisation — the Small Business Association of Jamaica (SBAJ) will provide support to the MSME secor, which includes firms that are most vulnerable to a poor business environment, high energy costs, poor access to credit and bureaucracy, according to president of the PSOJ, Chris Zacca.

Chief among the objectives this year is to bring more MSMEs into the formal economy and guide them in the processes of running a business in order to not succumb to failure.

“The truth is small and medium-sized enterprises account for almost two-thirds of all job creation and contribute to hugely to our gross domestic product (GDP),” said Zacca. “Small businesses are therefore the key to sustainable and equitable economic growth.”

In the first instance, the PSOJ will examine at least five issues that they can help the MSME sector to support.

Over time, it will integrate small businesses with larger players in a business mentorship programme, where private sector titans will mentor young entrepreneurs. In addition, the PSOJ will work with chambers of commerce outside of Kingston and St Andrew to reach MSMEs in other parishes.

Meanwhile, the SBAJ says it will continue to deliver “on the ground” solutions to small business communities on the island, which members of the MSME Alliance can be a part of.

The SBAJ has been working steadily to develop an effective tool kit to bring the MSME sector up to date, according to Gaudia Chevannes-Aquart, board secretary, SBAJ.

The package will include a software platform which will provide information on all areas of support for the sector, a cloud based, managed accounting software, an incubator programme that will usher in new sectors and in the industry as well as revitalise dormant ones and roads shows to explain the implementation of the MSME policy.

There are also plans to set up SBAJ offices in Montego Bay and Mandeville, Chevannes- Aquart added.

Donovan Wignal, president of the MSME Alliance noted that vision of the association is to become a strong voice and an effective support for the MSME sector by improving business literacy of its members and ensuring an enabling regulatory environment.

He said the alliance encounters man barriers that hinder the progress of the sector and has consequently developed an action agenda to develop human resource through skills training as well as maintain closer relationships with the government, financial institutions, and large organisations.