The Small Business Association of Jamaica (SBAJ) is calling on newly appointed Bank of Jamaica (BOJ) Governor Dr Brian Langrin to urgently engage stakeholders on the financial and regulatory challenges facing micro, small and medium-sized enterprises (MSMEs).

The association, while congratulating Langrin on his appointment, also called for an urgent small-business financial stability dialogue involving the BOJ, SBAJ, Jamaica Bankers Association, microcredit institutions, and other key stakeholders.

SBAJ President Garnet Reid, stressing that small businesses are operating under significant financial pressure, said these operators need greater support from the financial system if they are to expand, create jobs, and remain competitive.

“We need the support of the BOJ more than ever. Small businesses are the backbone of Jamaica’s economy, but many entrepreneurs are operating under significant financial pressure,” Reid said, while noting that the proposed dialogue should focus on the financial and regulatory issues constraining small-business growth.

“It should also identify practical measures to improve access to affordable capital,” he also said.

The organisation, listing a number of Acts, said it wants several issues under each urgently addressed. Among these are credit reporting, hire-purchase arrangements, insolvency and debt restructuring, and the cost and availability of credit.

On credit reporting, the association is seeking greater transparency and financial education to help small-business owners understand what information is being reported about them, how it affects their ability to access financing, and how they can challenge inaccurate information.

“Credit reporting should help responsible entrepreneurs build a financial profile, not become a barrier that prevents them from recovering and accessing productive capital.” Reid said.

The SBAJ, also calling for a review of the protections available to small-business owners who use hire-purchase and other asset-financing arrangements to acquire equipment, vehicles, and other assets, said it wants greater safeguards for financially distressed but viable businesses so as to ensure that debt arrangements do not undermine their ability to recover.

The association, similarly seeking greater attention to the accessibility and affordability of mechanisms under the Insolvency Act, said small-business owners need practical pathways to restructure their obligations, recover from debt, and where viable, continue contributing to the economy.

It further highlighted the cost of borrowing as a major area of concern for the association.

“We are asking Governor Langrin to look seriously at the cost of borrowing faced by small businesses and to work towards reducing interest rates to 4.5 per cent,” Reid said.

“Small businesses cannot grow, invest, create jobs, and remain competitive when the cost of financing is too high. We need affordable credit that allows entrepreneurs to expand their businesses while meeting their financial obligations,” he added.

While acknowledging that interest rates must be considered within the broader context of inflation and macroeconomic stability, the SBAJ called for a balanced approach that keeps inflation low while creating scope for lower borrowing costs and greater access to productive capital.

The SBAJ, in commending the BOJ for what it described as a seamless leadership transition, lauded former Governor Richard Byles, whose tenure ended on August 18, 2026, for his stewardship through the COVID-19 pandemic, global inflationary pressures, international conflicts, and major natural disasters.

As Langrin begins his tenure, the association said the change in leadership provides an opportunity to strengthen the relationship between the central bank and the country’s entrepreneurs.

“We are not approaching the new governor simply to raise complaints. We are asking for a partnership. Jamaica’s small businesses want to grow, employ more people, repay their obligations, and contribute more to national development,” Reid said as he expressed confidence that the SBAJ and BOJ can work together to develop practical solutions to improve financial stability, access to capital, and growth prospects for the local MSME sector.