High taxation strangling bank loans to SMEs – J’can business executive

If micro, small and medium-size (MSME) enterprises in Guyana think the difficulties they face in prying open the purse strings of commercial banks are unique to them, they should think again. It would appear as though the problem is a region-wide one, according to the President and Chief Executive officer of Sagicor Group Jamaica, Richard Byles.

According to the business executive, the difficulties faced by small businesses seeking access to commercial bank credit at relatively low rates have to do mostly with the fact that banks are the most highly taxed entities in the business sector.

Byles is quoted as saying at a recent business forum in Kingston that lending rates at local commercial banks continue to ….