The government of Jamaica has initiated the implementation of the Security Interests in Personal Property (SIPP) Registry to facilitate financial access for micro-, small and medium-sized enterprises (MSMEs) by supporting the use of non-real estate assets, including movable items, as collateral [1][2]. The SIPP Registry, also known as the National Collateral Registry, will keep records of all assets that are being used as collateral so that financial institutions will be able to verify outstanding claims on offered collateral. MSMEs will be able to use a wide variety of items as collateral including cars; refrigerators; computers; agricultural products; and intellectual property such as copyrights, patents and trademarks.
The government has also introduced a “super form” that will act as a “one-stop-shop” for incorporating businesses without the need to visit multiple agencies to fulfill application requirements.
By Nisha Koul, Research Associate
Sources and Additional Resources:
[1] Jamaica Information Service, “SIPP Registry and Business Super Form Available January 2,” http://jis.gov.jm/sipp-registry-business-super-form-available-january-2/
[2] The Gleaner, “The Changing Face of Micro Business,” http://jamaica-gleaner.com/gleaner/20140309/business/business91.html
MicroCapital Story, December 24, 2013, “Jamaican Ministry of Finance May Regulate Microfinance Institutions, Cap Interest Rate at 40%,” https://www.microcapital.org/microcapital-brief-jamaican-ministry-of-finance-may-regulate-microfinance-institutions-cap-interest-rate-at-40/
MicroCapital Story, September 11, 2013, “$34m in Loans Provided by Development Bank of Jamaica to Micro-, Small and Medium-Sized Business Created 3,324 Jobs over 5 Years,” https://www.microcapital.org/microcapital-brief-34m-in-loans-provided-by-development-bank-of-jamaica-to-micro-small-and-medium-sized-business-created-3324-jobs-over-5-years/
MicroCapital Story, August 5, 2013, “Jamaica National Small Business Loans Limited (JNSBL) Launches “I Support Jamaica” Website to Fund Microentrepreneurs,” https://www.microcapital.org/microcapital-brief-jamaica-national-small-business-loans-limited-jnsbl-launches-i-support-jamaica-website-to-fund-microentrepreneurs/
MicroCapital Story, October 30, 2012, “Banks in Mongolia Back Movable Collateral Reforms in Effort to Boost Small and Medium-Sized Enterprise Lending,” https://www.microcapital.org/microcapital-brief-banks-in-mongolia-back-movable-collateral-reforms-in-effort-to-boost-small-and-medium-sized-enterprise-lending/
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