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 Micro Investment Development Agency

The Micro Investment Development Agency Limited (MIDA) was established in 1991 to provide a focused approach to the development of the micro enterprise sector by providing or seeing to the critical inputs necessary for the growth and sustainability of the sector.

The major functional strategies of MIDA therefore are:

The provision of wholesale funds to enable micro entrepreneurs to obtain financing on a timely basis and on satisfactory terms;

To build a network of partners to facilitate the delivery of non-financial services to the sector.

The corporate plan takes into account: strategic objectives, functional strategies of the Agency, its medium term financial plan, its operation plan, key outputs, policy priorities, performance indicators, targets, an analysis of its current performance and financial projections

STRATEGIES:

The Government of Jamaica's involvement in the development of the micro and small enterprise sector is a result of deliberate strategies taken by the government to create employment and reduce the level of poverty in the country.

The Agency has therefore implemented strategies to focus on the growth and development of the micro enterprise sector. These strategies include:

The provision of wholesale credit:

Deepening the access to micro enterprise credit through the creation of a network of community based credit organizations, (CDFs) so as to empowered individuals to obtain loan financing. Such individuals would normally be unable to access credit from the traditional commercial banks and existing lending institutions;

The delivery of non-financial services to its network of retail lending agencies, including the CDFs, and by extension to individuals wishing to expand or start their micro enterprises through networking with stakeholders in the sector.

The encouragement of domestic savings at the CDFs. Every borrower including potential borrowers are encouraged to save in order to obtain a loan at the CDFs.

SUBJECT AREA:

According to the Economic a Social Survey of Jamaica, 1996, "the micro and small business sector continues to have important economic and social impact on employment and income generation. It accounts for the over 22.0 percent of total employment and an estimated 27.0 percent of Gross Domestic Product'.

Major credit institutions operating in the micro and small business sector consider a micro enterprise as a business with an asset base value, (excluding land and buildings) of up to (J$600,000), while a small business is defined as one having an asset value between J$600,000 - J$4.0 million. In addition a business with less than 10 employees is classified as a small business.

MIDAs TARGET GROUP:

MIDA operates in the micro enterprise sector as distinct from the small business sector.

a) Those in the self-employed or 'own account workers' category owning business assets of $600,000 and less and wish to expand their micro enterprises. They are largely part of the 'informal sector'

b)Those in the unemployed labour force, numbering some 186,000, wishing to pursue economically viable self-employment activities. This is the most challenging group to treat with and requires attention through innovative credit and non-credit services by MIDA and other government agencies.
 		 
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