– Another $25M towards WoW programme
GOVERNMENT plans to streamline the small business sector in 2011 with the drafting of a business policy to further streamline its
management. Four key areas have been targeted for the promotion of small business development. These are: awareness and sensitisation
of business development services and opportunities, education and training, enabling physical infrastructure and improving access to
financing for small business ventures.
To further enhance this sector, Government will be intensifying its public outreach through the development of a website
as well as increased exposure in the television and print media.
Small business owners will also benefit from extended training exercises covering a more comprehensive range of topics,
for instance, general interest and sector-specific issues.  Training manuals and programmes will also be developed and delivered in
sectors such as agro-processing and apiculture.
A credit bureau, facilitated by the Credit Reporting Act passed in 2010, will be established so as to dramatically
improve the ease with which small businesses are able to access financing.
Meanwhile, work will continue on the market tarmacs at Plaisance and Buxton on the East Coast of Demerara.
The construction of the Mahaica market, which has been in the pipeline for some time now will commence this year. Prime
Minister Samuel Hinds visited the area on several occasions over the past year, and recently, to earmark the most suitable locations
for the new market. This will be funded with the $171M allocated in the budget. This money will also be used to construct two market
tarmacs at Mahaica and Haslington.
These measures are all aimed towards enhancing the physical environment in which small businesses operate.
Under the Women of Worth (WoW) programme, 1,720 more single parents are expected to be granted small business loans in
2011. Once again, $25 million has been allocated towards this initiative.
The Guyana Women’s Leadership Institute (GWLI) will train 220 women and small businesses will benefit from the Guyana
REDD+ Investment Fund (GRIF), through its support for low carbon micro and small business development, and the creation of
alternative livelihoods for vulnerable groups.
Government’s role has always been geared towards promoting entrepreneurship in Guyana. As a result, it recognizes that
the road ahead for small businesses lie in the creation and deepening of a favourable institutional and regulatory environment for
development, and has been working assiduously over the years to implement appropriate measures. (GINA)