Durrant Pate/Contributor

The Jamaica Stock Exchange (JSE) Micro Market Steering Committee held its first meeting recently to shape the micro market, which is estimated to be on track for its first listing in April 2026. 

The committee is laying the groundwork for companies classified as micro and small entities to be able to raise capital of J$10 million – J$49.9 million on the equities market. At its first meeting, the committee examined the research and determined that from the available data MSMEs are responsible for about 90% of Jamaica’s employment and 80% of its income tax. 

However, the growth and development of these companies have been hampered by a lack of low-priced capital. Now with access to equity capital, which is termed patient capital, these micro and small entities will be able to scale faster and expand their businesses and by extension boost economic growth. 

25 listings within the first two years 

The committee estimates that Jamaica could have 25 listings within the Micro Market’s first two years of existence. Minister of Finance and the Public Service Fayval Williams announced during her budget debate presentation earlier this year that the government has approved the JSE’s proposal to establish a micro market.

She stated, “Jamaica, and by extension the Caribbean, is on a journey to continue unlocking the potential of its economy with the establishment of the Micro Market. This Market is expected to enable SME’s to expand their businesses, thus contributing substantially to the economy of Jamaica. The beauty of the Micro Market for business owners and entrepreneurs is that they will have access to equity capital, which is patient capital that is needed to grow and transform businesses. The Micro Market is expected to bring all this to the MSME Sector.”

Commenting on the committee’s first meeting, Minister of Industry, Investment and Commerce Senator Aubyn Hill said, “The first meeting of the Micro Market Steering Committee at the JSE is a powerful step forward. My Ministry remains laser-focused on giving Jamaican MSMEs greater access to capital because these enterprises are the engine of national growth, productivity, and prosperity….I commend the JSE and all partners involved. We look forward to the official launch in 2026 and to many successful listings thereafter.”

For her part, JSE Managing Director, Dr Marlene Street Forrest remarked, “This market was long in coming, however, it is very timely for MSMEs to have access to capital to grow their businesses to the next level….and the great thing is that they will be able to put in proper Corporate Governance structure, which is required of all companies that are listed on the Stock Exchange.”

Continuing, Dr Street Forrest said, “This is ideal for their businesses as in reporting to their shareholders using proper Corporate Governance, the companies will be managed properly and able to maximise their potential. The Micro Market’s team that is in place is an excellent one, which comprises both public and private sector organisations to allow for diverse points of view being drawn from different expertise for the proper building up of the Micro Market. It is clear that Jamaica is in for very interesting times and growth as a nation.”

In attendance at the Micro Market Steering Committee’s first discussions were:

Dr. Marlene Street Forrest – Managing Director, Jamaica Stock Exchange; Michelle Chong – Chief Executive Director, Honey Bun (1982) Limited; Andre Gooden – Business Development Manager, Jamaica Stock Exchange; Sancia Bennett Templer, Permanent Secretary Ministry of Industry, Investment and Commerce – representing Aubyn Hill, Minister of Industry, Investment and Commerce; Herbert Hall – Chief Executive Officer, CUMAX Wealth Management; Marc Ramsay – Principal Officer and Chairman, AspireSec Ltd; Dennise Williams – Vice President, Small Business Association of Jamaica; Laurie Ann Jackson, Attorney-at-Law – representing Shellie Leon, Chief Executive Officer and Registrar, The Companies Office of Jamaica; Curtis Martin – Managing Director, JN Financial Group; Dr David Lowe – Managing Director, Development Bank of Jamaica Limited; Harold Davis – Chief Executive Officer (Acting), Jamaica Business Development Corporation and Neville Ellis – Manager, Marketing & Communications, Jamaica Stock Exchange. Also present at the meeting were Patrice Smith-Lindo, Project Manager at the Jamaica Stock Exchange, and Nicole Nixon-Ford, Administrative Assistant in the Business Development Unit, JSE, serving as the Recording Secretary.