Tempers Flare During Launch Of Groundbreaking MSME Initiative, Bankers Confronted

Originally posted on Nationwide Radio - View original post

Dr. Peter Phillips, Leader of the Opposition sits alongside other members of the partner associations and MSME's as the welcome is given.

Eighty micro, small and medium enterprises are sitting shoulder to shoulder with bankers and supporting agencies today, trying to come up with solutions to make credit more easily available to them.

It’s a groundbreaking initiative spearheaded by the PSOJ, Bankers Association, MSME Alliance and others, as announced in a video that went viral last week.

But, tensions arose as the MSMEs confronted the bankers about their issues at the all-day event at the Terra Nova Hotel in St Andrew.

Our Business and Finance Editor, Kalilah Reynolds, was there.

It started with an apology from President of the Jamaica Bankers’ Association, David Noel.

But, the small and medium businesses had a lot to get off their chest.

The open criticisms continued for another hour, with the bankers occasionally responding, but mostly listening.

With that out the way, the real work could begin.

MSMEs, bankers and agencies sat side by side around the table in ten breakout sessions, designed to come up with solutions to these problems.

PSOJ Vice President and one of the pioneers of the initiative, Keith Duncan, says it’s not just a talk shop.

It sounds good.

However, the real measure of success will be if the banks actually implement the solutions designed today and over the course of the next year.

Kalilah Reynolds