By Monique Hepburn, Staff ReporterWESTERN BUREAU:
SMALL BUSINESS owners in St. James, operating under what they describe as harsh economic conditions, have banded together to re-establish the Montego Bay Small Business Association (MBSBA), aiming to create greater opportunities to ensure their growth and survival.
Mr. Homer Thomas, Small Business Sector representative for the Montego Bay Chamber of Commerce told The Gleaner on Wednesday that small business owners were restricted by the high interest rates being offered by lending institutions.
"We want to see how we can get cheaper sources of funding to invest into our businesses," said Mr. Davis. "Many businesses can barely survive let alone expand because of expensive loans."
CREATING MORE
OPPORTUNITIES
"Every economy depends on small businesses and greater efforts must be made by the Government and lending institutions to create more opportunities for those businesses," Mr. Davis continued. Mrs. Doris Parchment, president of the Montego Bay Small business association told The Gleaner this week that the present economic climate in Jamaica has forced many businesses to pool together when sourcing goods from suppliers or distributors, a technique traditionally utilised by local Chinese entrepreneurs.
"We have sought expertise from bigger companies and have identified lending institutions and suppliers who are willing to assist small businesses," said Ms. Parchment. " We have found that it is better for us if we are united as there is a greater chance for us to survive."
According to Ms. Parchment the association has divided its members into several groups who receive guidance in the facilitation of the small business process. Currently 14 companies have joined the association which has an overall target of 45 members by the end of the year.
