Helping small businesses grow
FOLLOWING considerable research and in-depth discussions with small businesses in Guyana, Scotiabank yesterday formally unveiled its Small Business Suite of Products which promises to help customers develop their businesses. The launching ceremony took place at Cara Lodge, Quamina Street, Georgetown, in the presence of Finance Minister Ashni Singh, the Bank’s country manager Ms Amanda Aubyn, Governor of the Central Bank Mr. L.T Williams and his deputy Mr. Gobin Ganga.
The full suite of business solutions includes Revolving Credit for Business, Term Loan for Business, Savings Account for Business, Chequing Account for Business, Scotia Online for Business, and MasterCard Business Card.
According to Ms Aubyn, the Bank found that the short term goals of the small businesses include increasing profitability, improving administrative practices, managing cash flow and being able to re-invest in the businesses.
Concerning their long-term goals, Ms Aubyn said these include continued healthy growth by increasing staff, expanding their product line and improving their facilities and geographical diversification.
Ms Aubyn also announced the launch of the Scotiabank MasterCard Business Credit Card. “Beyond our goals of giving our customers choice and identifying and tailoring relevant financial solutions to satisfy their unique needs, we also offer tangible value and convenience. This is born out of a Scotiabank spirit that constantly embraces opportunities for innovative products,” she remarked.
Minister Singh commended the Bank for its important, consistent and steady presence in Guyana, while recalling that he participated two years ago in the launch of the bank’s international credit card and connectivity.
He opined that this launch represents an important collection of innovations and if they are responded to favourably, the access to financial services would be significantly enhanced.
In his budget speech recently, he recalled that he mentioned a 5.7 increase in credit by the Private Sector which he said is a good accomplishment and one that has the potential to be sustained.
He pointed out that the Government has taken a number of initiatives that are contributing towards increased accessibility to credit, such as the establishment of the Commercial court.
He said the time commercial matters took to be resolved was not at the level it should have been, hence the Government saw the need to establish this court which has served to improve timeliness.
Further, he mentioned that the Government recognised that access to credit evaluation is a costly matter for banks and therefore saw it fit to develop the Credit Reporting Industry.
This industry, he said, contributes to banks being able to access information in a timely and cost effective manner, and it also allows Banks to have access to credit reports so that they can respond to customers’ concerns.
The Minister explained that a credit reporting bill was tabled in Parliament last year and is expected to return to Parliament before this year ends. He said he is pleased to see the private sector responding to the legislative framework that the Government has put in place.
He called this evidence of innovation by the private sector which will contribute to its growth, and he observed that there are now more merchants who are willing to accept international credit cards, as compared to a few years ago.
However, because this situation has changed over the past three to four years, he said this is evidence of modernisation and of actions being taken by the private sector to improve accessibility to business.
Through the presentations made by the Bank representatives, the Minister said he was pleased to see that preparation of payrolls can be done through the banking system which will see society reducing the level of cash utilisation.
Minister Singh said he is urging the business community to work with the banking system and to make abundant use of the technology and services available.
Senior Manager, Retail Banking, Mr. Abu Zaman, briefed the small business owners present yesterday on some of the products that the Bank is offering and he encouraged them to make use of the opportunity to clarify their concerns and have their questions answered by the Small Business Banking officers who were present.