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Through Republic Bank…
REPUBLIC Bank (Guyana) Limited, in partnership with the International Finance Corporation (IFC), a member of the World Bank Group and International Business Machines (IBM), has introduced its Small and Medium Enterprise (SME) Toolkit Caribbean here. The introduction last Thursday of the free online platform, to help SMEs improve their performance and have a more meaningful developmental impact within the local economy, was done at Republic Bank’s Head Office, in New Market Street, North Cummingsburg, Georgetown.
Republic Bank customised the platform and content to meet the specific business reality and needs in the Caribbean and it can be accessed at smetoolkitcaribbean.republicguyana.com.
The innovation provides the target group with free, online, easy and round-the-clock access to expert information, including business forms, tools, how-to articles, free software and advice about accessing markets and also features online fora and conferences to increase direct interaction among SMEs.
In remarks on the Thursday, Managing Director of Republic Bank, Mr. Edwin Gooding said accessing business information is crucial to its clients sustained success and, with the toolkit, his institution commits to providing SMEs with it to maximise their potential.
“It is our belief that the access to this resource, which is being provided free of charge, will serve to inspire our local entrepreneurs to greater success,” he stated.
Gooding said, in 2005, the partners took a decision to place greater focus on the growth and development of SMEs, in recognition of their importance to the survival and sustained growth of Caribbean countries.
Consequently, Republic Bank has a planned number of developmental and support activities for this special segment and toolkit is one such initiative, he said.
“The SME toolkit provides an array of tools and information that any entrepreneur, regardless of size, would find extremely useful and essential for the growth of their business,” Gooding maintained.
He assured that Republic Bank will guide persons through this process and remains committed to helping them achieve their business objectives, as its SME team has been trained to guide them through the use of the toolkit and the support extends to formal training for SMEs, as well.
“As your business partners, we consider it our duty to provide the skills, resources and support that you need. As your allies, it is our privilege to work together with you in the pursuit of a common goal, your business success and growth,” Gooding told the gathering.
MANDATE
He added: “As your financial institution of choice, we see it as our mandate to elevate you as you have elevated us.”
Operations Officer, SME Toolkit Programme Manager for Latin America and the Caribbean, Ms. Elvira Van Deale said it is an honour for IFC to partner with Republic Bank in the effort to help small businesses in Guyana.
She said making the toolkit available in this country shows IFC’s commitment to helping small businesses grow, expand and improve their performance to become successful.
Van Deale reiterated that the toolkit is key to supporting private sector sustainability in Guyana and that the support would lead to the creation of job opportunities in the market.
“SME Toolkit Caribbean is a free, innovative and interactive website, specifically created for small businesses which, normally, do not have access to high quality relevant information that can help them to start, strengthen, or expand their business,” she noted.
Van Deale said the portal contains all the latest technical features, such as business directory, how to create web pages, chats and forms and can be used 24/7 at no cost.
She said the toolkit can contribute to the sustainable growth of about 25,000 micro, small and medium enterprises in Guyana and, in that way, try to increase the competitiveness in local and international markets.
Van Daele said IFC has already successfully taken it to other regions around the world and, currently, more than 30 use it in 17 different languages, working with 27 local partners in different countries.
“They develop and adapt the content of the portal to the needs of the local market. In the Caribbean region, in Guyana, the SME Toolkit is now available to small businesses through our local partner, Republic Bank, which will update international content with regional relevant content,” she explained.
Van Deale said they will work together with other public and private entities, such as companies and governmental institutions, to ensure a better alignment with the market.
She said SME Toolkit Caribbean was first promoted by Republic Bank Limited in Trinidad last year July and has since managed to help 25,000 entrepreneurs in the region, including in Barbados and Grenada, through accessing relevant information and free online training.
STRATEGY
Van Deale said IFC strategy in the Caribbean and Guyana focuses on improving the competitiveness of the private sector; strengthening the financial sector; supporting the development of infrastructure and promoting training and corporate governance.
Van Deale said IFC strategy in the Caribbean and Guyana focuses on improving the competitiveness of the private sector; strengthening the financial sector; supporting the development of infrastructure and promoting training and corporate governance.
She lauded the efforts by Republic Bank to ensure the successful in
troduction and thanked its management for the assistance.
Minister of Tourism, Industry and Commerce, Mr. Manniram Prashad, who delivered the feature address, commended Republic Bank, on behalf of the Government of Guyana, for its vision in putting together this scheme geared to driving the development, growth and success of SMEs.
troduction and thanked its management for the assistance.
Minister of Tourism, Industry and Commerce, Mr. Manniram Prashad, who delivered the feature address, commended Republic Bank, on behalf of the Government of Guyana, for its vision in putting together this scheme geared to driving the development, growth and success of SMEs.
He said there is no doubt that SMEs are important to the growth and development of the country, with the potential for creating economic linkages; increase foreign exchange earnings; utilise local raw materials inputs and enhance economic and social conditions, generally.
Prashad observed that many of the small business operators are found in all of the major sectors, such as agriculture, industry, manufacturing and services.
Prashad observed that many of the small business operators are found in all of the major sectors, such as agriculture, industry, manufacturing and services.
He concurred that SMEs are significant contributors to the economy by contributing to the Gross Domestic Product (GDP) and employment.
“I believe that small firms and companies in Guyana can meet the significant and growing challenges that exist by building and strengthening their competitiveness,” Prashad asserted.
He said it can be done through close business/government partnership; effective networking of key agencies and businesses and optimal use of new available technologies, like the Caribbean SME Toolkit.
Prashad said small businesses are the foundation of most economies around the world, being the nucleus of the private sector, making up approximately 90 per cent of enterprises globally and account for between 50 and 60 per cent employment.
He said, in Guyana, small businesses represent about three-quarters of the total business activities and make a substantial contribution to the generation of employment and income.
“Hence, the sustainable development of small businesses is an excellent strategy to alleviate poverty,” Prashad posited, pointing out that, in the Caribbean, Guyana stands out as a trail blazer by having a Small Business Act.
Noting that other countries worldwide have adopted this IFC initiative, he alluded to the many success stories in India.
Congratulating Republic Bank in Guyana for introducing it to the Guyanese SMEs sector, Prashad also challenged the bank and its partners to, within one year, develop a substantial report on how the toolkit has contributed to the growth of the targeted entities.
MEASURES
MEASURES
“No doubt, this toolkit will help SMEs to grow and succeed and, as such, this Government has put measures in place to assist in propelling this growth,” he assured.
Prashad reminded that the encouragement of small business growth has been a major concern of both governmental and non-governmental organisations and, under the visionary and dynamic leadership of President Bharrat Jagdeo, the Government is providing an enabling environment for the growth and development of businesses.
Prashad reminded that the encouragement of small business growth has been a major concern of both governmental and non-governmental organisations and, under the visionary and dynamic leadership of President Bharrat Jagdeo, the Government is providing an enabling environment for the growth and development of businesses.
Against this backdrop, he said, while there are many strategies used to propel SMEs, the main one that the Government has put in place to facilitate them is the National Competitiveness Strategy (NCS).
“It is obvious that this Republic Bank (Guyana) Limited continues to uphold the principle of corporate social responsibility by giving back to community and national development,” he offered.
A ‘sneak peak’ into the SME Toolkit Caribbean was done by Manager’s Assistant, Human Resources, Training and Development Centre at Republic Bank (Guyana) Limited, Mrs. Shrimanie Mendonca and among those also present at the function were Chairman of the Private Sector Commission, Mr. Gerry Gouveia; Governor of Bank of Guyana, Mr. Lawrence Williams and representatives of the SME sector.
PHOTOS saved in Graphics files as:
** Elvira
Caption: Operations Officer, SME Toolkit Programme Manager for Latin America and the Caribbean, Ms. Elvira Van Deale
** Gooding
Managing Director of Republic Bank, Mr. Edwin Gooding
Use file photo of Minister Manniram Prashad
