MSMEs urged to formalise for contracts as SBAJ prepares buy-local farm push

Permanent Secretary in the Ministry of Industry and Commerce Tancia Templer is pressing micro, small and medium-sized enterprises to register formally and remain tax-compliant so they can compete for public contracts and other financing. She delivered the call at the Small Business Association of Jamaica's Growth and Resilience Conference at the Jamaica Pegasus Hotel.

Mrs Templer said the government's procurement policy sets aside 20 per cent of public-sector contracts for MSMEs, but only businesses that are formalised and tax-compliant will qualify. Entrepreneurs aiming to raise between $50 million and $100 million on the Jamaica Stock Exchange's recently launched micro market must meet the same standards, she added.

Jamaica Life Learners chief executive Trudy Panton also urged operators to formalise and join the Small Business Association of Jamaica, arguing that membership opens networking channels and a clearer view of the business climate. Speaking to RJR News on Friday, she said the Thursday conference left her with useful takeaways.

The SBAJ is preparing a buy-local campaign to encourage Jamaicans to purchase more domestically grown agricultural goods. Dr Norman Grant, managing director of the Mavis Bank Coffee Factory and the association's first vice-president for agriculture, told RJR News at the Thursday conference that the drive seeks to lessen reliance on imported food, slow foreign-exchange outflows and help narrow the trade deficit by steering consumers toward local farmers and agribusiness. He said the effort will complement the Buy Jamaican campaign recently relaunched by the Jamaica Manufacturers and Exporters Association.

For the July 17–26 trading period, TransJamaican Highway Limited led activity with 5,819,257 units, or 32.35 per cent of market sales, followed by Derrimon Trading Company Limited with 1,906,790 units (9.21 per cent) and Wigton Energy Limited with 1,853,157 units (8.95 per cent). Investor interest stayed concentrated in transportation, finance and distribution stocks.

Bank of Jamaica data for July 17, 2026 showed the US dollar selling at $159.51 and buying at $157.62, the Canadian dollar at $113.78 and $113.05, and the British pound at $213.85 and $212.46.

Separately, a credit tip stressed that real-estate financing often turns on more than the down payment. Lenders weigh payment history, debt levels and credit utilisation when setting approvals, limits and rates, so borrowers were advised to check their reports, challenge errors, pay on time and cut outstanding balances before the next property purchase.