IPED reports successes after 25 years developing entrepreneurship
INSTITUTE of Private Enterprise Development (IPED) yesterday marked the 25th year of providing help to entrepreneurs in Guyana.
At a press conference to mark the significant milestone, the Chairman, Mr. Yesu Persaud traced the evolution and growth of the agency started with the intention of promoting entrepreneurship. On April 1, 1986, the Institute of Small Enterprise Development, as it was called then, opened its doors with one staff member, Mr. Jeff Adiken, who performed the duties of manager, accountant, counsellor, project officer and messenger, Persaud said.
He continued: “It has been a challenge and the success of the venture should be considered as the pride of Guyana.”
Noting the progression, he said there are now 82 staffers, who all work diligently to fulfil their mandate and develop a culture of entrepreneurship amongst clients and inspire and empower them to achieve excellence.
As to the driving force behind the initiative, Persaud said, because of the need to stimulate the economy in the 1970s and 1980s, it was recognised that free enterprise was required.
He said one of the ways to do this was by stimulating the emergence of small businesses and self-employment and, towards that achievement Pan American Development Foundation (PADF) was approached for funding and agreed to advance half a million Guyana dollars if Guyanese could match that sum.
In addition to this, the Institute also benefitted from the support of the Foundation for International Training (FIT), United States Agency for International Development (USAID) and Canadian International Development Agency (CIDA), among others, Persaud related.
He said: “With the help and support of the Guyana Government, the U.S., Canada and the United Kingdom (UK), the Institute expanded rapidly to be the principal provider of finance and technical assistance to the small and micro enterprise sector in Guyana.”

30,000 enterprises
Persaud said, since the inception, 78,135 loans were disbursed with a total value of $16.7 billion, aiding some 30,000 enterprises.
He said IPED has provided the avenue for its clients to be self- employed and generate their own income, so they can be self-sustaining members of society.
“After 25 years, we are still here and we provide services to Guyanese all across Guyana, from Crabwood Creek to Region Nine (Upper Takutu/Upper Essequibo) and we are pleased to say, today, that IPED is totally self-supporting,” he boasted.
Persaud reported that the performance of the Institute over the last year was outstanding, despite the many challenges that were confronted by the entrepreneurs.
In this regard, successful strategies were implemented to overcome those difficulties, he said.
Alluding to the continuing success of IPED, Persaud pledged that its team would continue to evolve policies and strategies which will foster enterprise development, resulting in wealth creation and poverty reduction.
“The contributions that IPED has made to our country in the last 25 years are more than remarkable and we are satisfied with the impact we have had on the small and micro entrepreneurs,” he said.
Persaud expressed gratitude to IPED’s hard working staff and attributed the accomplishments of the institution to their diligence and drive.
“Our successes were made possible by our Board of Directors, management, staff and clients and we look forward to bringing more innovative solutions to challenges in the years to come,” he concluded.