The Jamaica Business Development Corporation (JBDC) is urging Micro, Small and Medium-sized Enterprises (MSMEs) to consider Jamaica’s insolvency framework as a realistic tool for debt recovery and business rehabilitation, especially as firms continue to recover from the economic fallout of Hurricane Melissa.
This message was underscored during the JBDC’s Virtual Biz Zone session, ‘Debt Therapy: Business Rehabilitation under the Insolvency Act’, held on November 25, 2025.
Entrepreneurs are facing weakened cash flow, damaged assets and higher operating costs, while national forecasts suggest slowed growth and ongoing inflationary pressure. These conditions leave MSMEs exposed and make timely financial intervention critical.
“Financial literacy is a significant pillar among the slate of developmental interventions for MSMEs in JBDC’s client pool. Conversations about finances are often centred around acquiring funds, but more emphasis must be placed on the management of finances, which can ultimately make or break a business. Debt is a difficult conversation, but one that must be had. We don’t want businesses closing when they have the potential to do well and spur economic growth,” explained Harold Davis, Acting Chief Executive Officer of the JBDC.
Davis says against this background, one of the JBDC’s newest partnerships with the Office of the Government Trustee (OGT) is designed to stimulate the MSME ecosystem on the matter of debt, and to raise awareness on the solutions available.
Brittany Savage, Director of Insolvency Administration at the Office of the Government Trustee (OGT) , presenter at the Virtual Biz Zone explained how the insolvency process works and why more business owners should use it before their financial situation deteriorates further.
SOURCE: OUR TODAY
