Approximately $200 million was spent to support the growth and development of the social enterprise ecosystem in 2021. Chairperson of the Planning Institute of Jamaica’s (PIOJ) Social Enterprise Working Group, Charmaine Brimm, made the disclosure at a meeting of the National Policy Implementation Committee earlier this month. She also said that business grants to enterprises throughout the year totalled $3.9 million.

The activities supported eight of 13 policy activities laid out in the micro, small and medium-sized enterprises (MSMEs) entrepreneurship policy on social value creation.

The social enterprise sector represents organisations that have a defined social mission to contribute to solving problems in society, which includes foundations, associations, not-for-profit organisations and co-operatives.

The policy achievements outlined by Brimm include: completion of the Draft Social Enterprise Legal Status Act that was funded by the EU under its Investment Climate Reform project; and also the draft Social Impact Measurement Framework, with support from the Jamaica Stock Exchange-Inter American Development Bank Innovating Social Sector Financing project. In January, the Jamaica Social Investment Fund hosted a virtual entrepreneurship expo to further the nurturing of small enterprises under the EU Poverty Reduction Programme (EU PRP).

Funding for the sector also came from the Jamaica Social Stock Exchange (JSSE) which is an initiative of the Jamaica Stock Exchange (JSE).

Managing director of the JSE Dr Marlene Street Forrest said, “The development and strengthening of social enterprise ecosystem provides the overall inclusiveness and access to capital that is needed by those who operate within this sector. The result will be the significantly positive impact on our productivity levels and all other measurements of economic growth and development, including quality of life.”

Dr Street Forrest stressed that a listing on the social stock exchange showcases an enterprise’s commitment to corporate governance standards, which will improve the attractiveness for equity funding.

The Social Enterprise Working Group is a sub-group of the National Policy Implementation Committee, with the responsibility to coordinate and monitor implementation of 13 policy activities as laid out in the MSME and Entrepreneurship policy which focuses on social value creation.