JBDC, FCJ partner to develop community micro business parks
THE JAMAICA Business Development Corporation (JBDC) recently signed a memorandum of understanding with the Factories Corporation of Jamaica (FCJ) that will see the development of several community micro business parks (CMBPs) across Jamaica to create more cost-effective operation spaces, while providing business support services for micro, small and medium-sized enterprises (MSMEs).
Valerie Veira, chief executive officer at the JBDC welcomes this partnership. “We say we are national network brokers, so we network with the private and public sectors to bring the resources to MSMEs. The concept of the community micro business parks is an excellent one. JBDC will focus on the delivery of services that gives MSMEs a chance at success.”
The FCJ is an agency under the Ministry of Economic Growth & Job Creation with the mandate of providing space for agroprocessing, business process outsourcing, manufacturing and warehousing. Highlighting the issues plaguing the sector, Lyttleton Shirley, chairman of FCJ, says these CMBPs will help to alleviate the high operational expenses that MSMEs face. “These parks are almost a replica of an urban centre and we are looking on the needs and best fits of small businesses.”
He added that the partnership represents a “turnkey approach”, as along with providing spaces for operation, loans will be provided to MSMEs to outfit these spaces with the necessary equipment for operation, “This is a turnkey approach for small business, where we give them the space, we borrow the money for them to equip it, then prorate the cost of the equipment in the rental over a long period of time. And we give them what one could consider a moratorium period before repaying.”
Business parks have emerged as a global solution to the challenge of space for small business operation. The concept includes a cluster of buildings that house multiple businesses, often sharing various amenities and services. Apart from providing a conducive environment for operations, these parks also promote sustainability, as shared resources lead to reduced wastage. They are also more cost-effective than traditional spaces.
The provision of space for MSME development has been a long-standing partnership between the FCJ and the JBDC. The two organisations currently have a 25-year rent agreement which sees FCJ providing facilities for the JBDC Incubator & Resource Centre, (IRC) located at 76 Marcus Garvey Drive in Kingston. The IRC is home to four incubators providing technical support in product development for local manufactures, and provides production equipment and spacer rental for agro-processing, fashion and sewn products, craft, and essential oils.
With the Government of Jamaica pushing for increased productivity and exports, the JBDC anticipates an increase in outputs from local businesses that will drive competition and innovation, both locally and internationally. The JBDC is an agency under the Ministry of Investment, Industry & Commerce driving entrepreneurial success ‘From Concept to Market’.