Story perspectives

SBAJ President Calls for Action on High Loan Rates

1/4/2025

35 8

Summary

Story summary

SBAJ president Garnett Reid condemns high lending rates for small businesses, despite BOJ's interest rate reductions.
Loan rates of 15-18% jeopardize small business survival and their economic impact.
Reid seeks urgent discussions with Finance Minister Fayval Williams and the Jamaica Bankers Association to resolve the issue.
He emphasizes the need for better alignment between BOJ policies and commercial bank practices to foster economic growth.
Reid advocates for improved farm roads and enhanced measures against crime affecting small businesses.

1 of 1

Story summary

SBAJ president Garnett Reid condemns high lending rates for small businesses, despite BOJ's interest rate reductions.
Loan rates of 15-18% jeopardize small business survival and their economic impact.
Reid seeks urgent discussions with Finance Minister Fayval Williams and the Jamaica Bankers Association to resolve the issue.
He emphasizes the need for better alignment between BOJ policies and commercial bank practices to foster economic growth.
Reid advocates for improved farm roads and enhanced measures against crime affecting small businesses.