Yaneek Page | The JLP’s promises for small businesses: which will matter most?

The 2025 general elections are over. The ballots have been counted, victory speeches delivered, and Jamaica Labour Party supporters are celebrating a third consecutive term with 34 seats in parliament and 51 per cent of the total votes cast.

The People’s National Party has rebalanced the house with 29 seats and 49 per cent of all votes cast.

Now that the confetti has landed and the rallies have dissipated, one big question lingers in the air for small business owners: What’s next for us?

The JLP’s 2025 manifesto has several pages dedicated to almost 20 distinct promises for micro, small and medium-sized businesses. These promises range from entirely new financing frameworks, grants, loan guarantees, reduced interest rates and investments to training hubs, real time digital procurement platform, tax relief and even 24-hour entertainment zones.

On paper, it reads like an early Christmas treat. Every businessperson should read it.

While there are many promises, not all are created equal. There are some that may seriously and immediately shift the ground under MSMEs feet; others may offer smaller, slower gains. Given that the sector represents over 95% of all enterprises, employs over 80% of the workforce and is estimated to contribute nearly 30% of GDP, it is important to ask: which manifesto pledges could carry the biggest weight to support efficiency, development and real growth?

Here is my ranking of the top three manifesto promises by potential impact to MSMEs:

1. Renegotiating the JPS licence (electricity cost reduction)

Number 1 on the list would be a substantial lowering of the cost of electricity for commercial customers. Although this wasn’t pitched as an MSME initiative, few sectors stand to gain more. When GCT is factored in, the fully loaded electricity cost may be one of the greatest weapons formed against productivity and efficiency for small businesses.

In fact, the complexity of their billing, particularly with respect to the fluctuating fuel charge, foreign exchange adjustment and IPP charges make it a nightmare for cost containment, cash flow and budgeting for a small business. Some categories of commercial customers, such as small manufacturers, are paying a fully loaded cost of over $65 per kWh or roughly US$0.40 per kWh, in some months, as an example.

These strangling rates continue to place Jamaica among the most expensive countries in the region for power. In simple terms, if a small manufacturer pays US$18,000 for electricity usage for the year, while his competitor in the region pays US$6,000 for the same power, who would be positioned for greater competitiveness in a regional or global market? It’s the one who pays less for electricity, which is a major expense for MSMEs.

Refrigeration and air conditioning alone are so cost prohibitive that many businesses shelve expansion plans.

If the new government renegotiate JPS’ licence to bring real relief, the impact would be seismic because unlike grants or training that touch a few, costs the government to administer, and takes considerable time for uptake and application, cheaper electricity benefits every enterprise immediately. It could free up capital overnight, fuel productivity, and give entrepreneurs a fighting chance in markets. This is a game-changing promise.

2. A real-time public procurement portal

The second promise with ground-breaking impact is public procurement transparency, but with a critical caveat. Transparency alone is a start, but it’s not enough. It must be married with strict and enforceable participation set asides for registered small businesses and prompt payment mechanisms.

A substantial amount of the country’s wealth can be found in the public purse, with government as the largest procurer of goods and services. For too long small businesses have been excluded as key participants in government contracts.

Many opportunities are fenced off, and accessible mainly to the well-connected. A real-time public procurement portal, depending on its execution and other supporting measures that facilitate participation of small businesses, could open substantial business opportunities.

Indeed, being able to log in and see every upcoming tender or solicitation, and every award made, in real time, would lift the veil of obfuscation. If we finally open the door to billions in public spending, and clamp down on cronyism behind closed doors, it would be a win for small businesses. If implemented with integrity, this could topple one of our oldest fortresses of elite capture.

3. Financing reform and the micro stock exchange

In the last few decades, despite scores of paid government consultants, research papers, think tanks & task forces more than 40 per cent of MSMEs still identify credit as their single biggest constraint. The JLP’s manifesto promises to move the needle to drive interest rates down, and increase funding accessibility, provide loan guarantees, and roll processing fees into loans to make them more affordable. This would be a historical goodie haul for businesses if it comes to fruition.

However, perhaps the most intriguing proposal is a micro stock exchange, modelled after the junior stock market. If it works, it could allow micro businesses to raise capital from investors, and a move away from high interest debt financing.

Years of quarterly Credit Condition Survey reports produced by the Bank of Jamaica have consistently shown that this segment of our economy is largely ignored by the formal banking sector. In a desperate reach for cash, many have been wounded by predatory lending firms levying astronomical interest rates that paralyse their growth.

A multi-agency committee, headed by the Jamaica Stock Exchange, has been working since earlier this year on designing the framework that would lead to the launch of the micro stock market. The committee has said it is targeting 2026 for the launch of the micro exchange and expects to do so with about 20 MSMEs.

Successfully kicking off this initiative could open an enabling new growth path. However, as with most ideas, the devil is in the design and deep engagement with intended beneficiaries. Also, without investor education and proper regulation, this promise could be more symbolic than substantive.

The JLP’s manifesto sent a clear signal: Jamaica is betting on MSMEs to drive a new wave of GDP growth. Having campaigned on performance, the government now faces a test of delivery.

Yaneek Page is the programme lead for Market Entry USA, and a certified trainer in entrepreneurship.yaneek.page@gmail.com