The Private Sector Organisation of Jamaica (PSOJ) has launched its PSOJ Small and Medium-sized Enterprises Resource Hub (PSOJ SME Resource Hub) following the signing of a tripartite agreement with the JMMB Group SME Resource Centre and the University of the Commonwealth Caribbean (UCC).

The three organisations recently signed a memorandum of understanding, entering into a partnership geared towards enhancing the competitiveness and sustainability of SMEs, which ultimately contributes to Jamaica’s overall economic development.

“The launch of the PSOJ SME Resource Hub is a testament to our commitment to supporting SMEs in Jamaica. Through strategic partnerships with JMMB Group and the UCC, we aim to provide our SME members with the necessary resources and knowledge to overcome challenges and capitalise on opportunities, thus driving their success and contributing to the growth of the Jamaican economy,” president of the PSOJ Metry Seaga stated.

The SME Resource Hub was established as a “necessary and proactive measure to support our SME members” by primarily addressing the challenges they face and providing comprehensive resources that will them thrive in the current dynamic business environment, the business lobby group outlined.

Acknowledging that SMEs play a critical role in stimulating economic growth, job creation and innovation in Jamaica, the PSOJ said the hub will offer a wide array of services to empower businesses in that category. Such services include providing access to essential business development tools, mentorship programmes, financing options, networking opportunities, and training.

Through this partnership the JMMB Group SME Resource Centre has extended its support to local SMEs by offering business owners advisory services and discounted consultancy. In addition to addressing challenges, the financial institution will help entrepreneurs to identify opportunities that improve small business operations.

As such, senior corporate manager at JMMB SME Resource Centre Shani Duncan-Falconer noted, “With the right support and partnership, more SMEs will be positioned to become more structured businesses and eventually household names locally and globally. This partnership, therefore, seeks to assist these businesses to scale and grow through the provision of financial partnership, resources, innovative financial solutions and a network of partners providing the necessary tools, financial solutions and expertise to better compete in a global environment.”

For its part, the UCC, through its Business Development and Consulting Institute (BDCI), will offer to businesses services including developing e-commerce capabilities, record keeping, accounting, research and development, training and capacity building.

Commenting on the tertiary institution’s contribution to PSOJ SME Resource Hub, UCC BDCI Manager Tennille Howell-Hussey said, “This partnership with the PSOJ Small and Medium Enterprise Resource Hub reflects the UCC BDCI’s commitment to nurturing a robust private sector that drives economic prosperity in Jamaica. We aim to provide unparalleled support to entrepreneurs and businesses, fostering an environment conducive to innovation and growth.”

The PSOJ SME Resource Hub will be offering tailored business development support, facilitating knowledge sharing, providing access to funding and financing, and fostering collaboration and networking, with the aim to be a one-stop resource centre that equips SMEs with the necessary tools to succeed in their entrepreneurial journey.