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Government to expand assets used by small business operators as collateral for loans

Chief  Technical Director in the Ministry of  Industry and Commerce, Monique Gibbs, says the Government is working to modernise the secured transactions framework in order to expand the scope of  assets that operators of  micro, small and medium-sized enterprises can use as collateral for loans.
 
She says there's a need to balance the preferred traditional forms of  collateral such as motor vehicles and real estate, which oftentimes MSMEs do not have, with movable assets such as accounts receivables, inventory, machinery and equipment.
 
The Ministry has engaged International Finance Corporation to provide advisory services to support the development of  an action plan for enhancing the secured transactions regime in Jamaica
 
Gibbs noted that steps have been taken to enhance the National Personal Property Registry, the Collateral Registry and its legal framework, which allow borrowers to pledge moveable assets as collateral and help to foster transparency between creditors and borrowers.  


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