ENTREPRENEURSHIP and emerging industries will be central to Jamaica’s economic transformation, according to Opposition spokesman on finance Julian Robinson, who says targeted support for creatives and small businesses is critical to unlocking growth.

Speaking at the 2025 Adventist-laymen’s Services and Industries (ASI) Economic Outlook Forum, Robinson outlined the Opposition’s economic vision which, he said, includes the creation of a fund to support individuals in the creative and cultural sectors, industries he described as vital to Jamaica’s global identity and growth potential.

“We’re going to create a fund to facilitate those creative types who have great ideas but need business support to build and grow their industries,” Robinson said.

He noted that the creative and cultural sectors continue to generate international visibility for Jamaica and represent viable opportunities for economic expansion. Robinson also pointed to agriculture and logistics as areas with potential for economic development. He called for increased investment in research and development and proposed a restructuring of the Rural Agricultural Development Authority (RADA) to strengthen technical support to farmers.

He also noted that Jamaica’s geographic position, infrastructure, and shipping connectivity offer opportunities for growth in logistics and related services. As part of efforts to improve the business environment for small firms, Robinson said the Opposition has submitted a set of proposals to the Development Bank of Jamaica (DBJ) aimed at increasing access to capital for micro, small, and medium-sized enterprises (MSMEs). These include a recommendation to waive corporate income tax for the first three years for businesses entering the formal economy and a financing structure that would allow borrowers to roll loan fees into the loan principal to reduce upfront costs.

“We made a proposal which the DBJ has accepted. Instead of having upfront fees for persons who are accessing loan funds, roll those fees into the loan so it’s not prohibitive for those who want to borrow $10 million, as an example,” he explained.

Additional incentives include a matching grant model under which businesses that invest in upskilling employees would receive equivalent support from the HEART Trust/NSTA.

Robinson also commented on global tariff uncertainties, noting that businesses must become more efficient and that Jamaica should reduce reliance on imports in areas where local alternatives exist.

Also speaking at the forum, Dr David Lowe, the DBJ’s deputy managing director, outlined a number of upcoming initiatives designed to support access to capital for small and medium-sized enterprises (SMEs), starting April 1. The bank will continue to on-lend through financial institutions, refine its loan offerings, and roll out additional grant facilities to improve funding opportunities across sectors. Lowe noted that corporate governance and financial literacy remain critical for SMEs seeking to improve their creditworthiness and successfully access bank financing.

“As more SMEs are formed and begin seeking capital, it’s important that business owners understand what makes them creditworthy,” Lowe said.

To support this, the DBJ will launch targeted interventions through new programmes, including working capital solutions, especially for businesses with delayed receivables, such as reverse factoring. Lowe explained that reverse factoring, also known as receivables financing, is being reconsidered as a viable model to support small businesses with cash flow challenges.

“It’s a financing solution for businesses like farmers or suppliers who offer 30-day credit terms to buyers, such as hotels,” he explained. “Rather than waiting a month to be paid, the bank or a financing intermediary provides upfront cash based on approved invoices.”

The DBJ has reopened discussions with two commercial banks to explore how it could be implemented locally, with an announcement expected later this year. In addition to receivables-based financing, Lowe said the DBJ will also provide targeted support for business clusters offering specialised products and services. The bank is also prioritising green climate financing as part of its broader economic development mandate.

One of the upcoming initiatives is focused on what the bank refers to as the “silver economy”, a term for older individuals who are retiring or leaving the workforce but are still interested in starting businesses. Lowe said the DBJ is currently developing a framework to support this demographic with targeted funding and advisory services.

“We think that will be something that will be well-received. We’re currently exploring that to define the space that we’re going to be in and how it’s going to be rolled out,” he said.

Lowe also addressed the broader capital environment for early-stage businesses, noting that debt financing is not always appropriate in the start-up phase. In many global markets, equity funding, particularly through venture capital, is the preferred model for supporting early-stage companies, while banks generally operate outside that space. He added that while the DBJ is not positioned to become a venture capital provider, it has made funding available to private sector entities that are better equipped to take on that role. The aim, he said, is to allow capital to flow efficiently through the market’s existing channels, with the private sector serving as the primary vehicle for such investment.