"Genuine equity financing is needed instead of straight loans," Samuda said on Thursday, the first day of the HEART Trust/NTA National Entrepreneurial Con-ference, held at the Knutsford Court Hotel in New Kingston.

"Unfortunately, successive governments have failed to create a venture-capital market. Instead of talking, something should be done about it."

Michael Stern, state minister in the Ministry of Industry, Investment and Commerce, told those in attendance at the conference that, between private and public sources of funds, there was some $4 billion available locally for small- and medium-size entities (SMSEs).

"There is no lack of funding," the minister said. "We need to untie the bureaucracy and train our people in how to put their businesses in order."

Available funds

Stern said that $1 billion in funds was available through the Development Bank of Jamaica; $300 million through the National Investment Fund (NIF); $70 million at Development Options; $50 million at Pan Caribbean Merchant Bank; $190 million at the Micro Investment Development Agency; $400 million at EXIM Bank; and $150 million through the Jamaica Business Development Centre (JBDC).

Stern noted that, in addition to funding, the Government had partnered with the JBDC and other public and private entities to provide technical assistance and other business-development support, with some seven centres established across the island for the purpose.

He said the Jamaica Exporters' Association also provided a network from which business owners could get critical information and support for the deve-lopment of enterprise.

The conference was staged in partnership with the University of the West Indies, Mona, the University of Technology and Northern Caribbean University.

The National Commercial Bank, the Bank of Nova Scotia, Jamaica and the Private Sector Development Programme, a pro-ject of the European Union and the Government of Jamaica, along with small business development groups, were also partners.

The conference was staged over two days at the Knutsford Court Hotel under the theme 'Honouring Entrepreneurs, the backbone of a nation's economy'. Among the focus areas were financing options, technical assistance, business-plan writing and innovation and the creative industry.