THE Small Business Development Finance Trust Inc. (SBDF) is slated to release some $550M for at least 700 families in 2014, according to the institution’s Chairman, Mr. Sattaur Gafoor.

Mr. Gafoor noted that the institution is expected to provide the monies in an attempt to address the still significant level of poverty being faced in the country.

Gafoor was speaking on Monday during the 11th Annual General Meeting of the SBDF at the Regency Suites/Hotel on Hadfield Street, Georgetown.
The event was aimed at addressing the role and concerns of the SBDF in delivering its mandate to aid small and medium sectors in creating job opportunities, as well as developing communities and empowering businesses to become integrated in progressive economic activities.
According to Mr. Gafoor, the body has, in its 11 years of existence, given loans to over 7,000 families to the total value of $2.5B, and in 2013 had generated in excess of $30M.
The Chairman was keen to highlight the need for such funding in light of issues of climate change and unpredictable weather patterns faced by the coastal region and small farmers.

He reaffirmed the commitment of the institution to provide substantial financial support to the Small and Micro Enterprise sector, which will improve the quality of life for many.
Seated at the head table were President Donald Ramotar, Prime Minister Samuel Hinds, Chairman of the SBDF, Mr. Sattaur Gafoor, Managing Director of the SBDF, Mrs. Manjula Brijmohan, and Directors Mrs. Yvonne Hinds, Mr. Hemraj Kissoon, Mr. Neil Boston, Mr. Norman Mc Lean, Mr. Mohamed Ali; and Immediate Past President of the Georgetown Chamber of Commerce and Industry (GCCI), Mr. Clinton Urling.
Speaking at the event was President Donald Ramotar, who addressed the group, noting that new opportunities for development are being introduced daily owing to the high impact of science and technological advancements.
President Ramotar underscored the administration’s appreciation of small enterprises in the economy. He also acknowledged that “The contributions of economic growth and development of small and medium scale enterprises have been overlooked or unacknowledged in many places including Guyana”.
He said also that not only has job creation been the most signalled contribution of small and medium scale enterprises, but these small businesses form an integral part in economic recovery as seen in countries like the United States.
“This is the vital role small businesses play both in good, as well as, in challenging economic times, ” President Ramotar noted.
He also credited sustainability of economic development to these small businesses. In light of the need for big businesses in large investments and transformative projects, the developments are sustained by the small enterprises, who “are incubators of entrepreneurial talents, ” President Ramotar added.
Addressing the advantages of small business, the President said that on the issues of inclusiveness, small enterprises “ensure that the small man does not become marginalised from the market.
“If you examine the loan portfolios of many commercial banking institutions, you will find that there has always been a strong emphasis on lending to corporate and large scale investors,” the President pointed out.
He declared that the government has long recognised the constraints faced by the small business enterprise and has taken deliberate steps to provide support for boosting small businesses through micro-financing institutions.
The President cited the Small Business Act of 2004, and the establishment of the Micro and Small Enterprise Development Project, which is funded under the Low Carbon Development Strategy (LCDS). These initiatives are “aimed at providing financing and support including grants and support for collateral to micro and small businesses.”
Managing Director of the SBDF, Mrs. Manjula Brijmohan, speaking on the Impact of Micro-Financing in reducing poverty, noted that micro-financing speaks to more than the provision of small loans. She underscored that it also includes other services like savings, technology availability, insurance and empowerment of borrowers, especially in rural areas.
She asserted that markets cannot be accessed by governments, businesses and civil societies acting individually, but rather that the fullest potential can only be realised when there is joint effort among key stakeholders in both the private and international realm.
“The future growth and development of our economies will depend largely on our own ability to provide key services and more inclusivity,” Mrs. Brijmohan said.
AWARDS

Acknowledging the stalwart contributions of small business entrepreneurs, awards were granted to Mr. Bisnauth Ramroop for Best Growth Potential, Ms. Vidya Ramkissoon for Best Innovative Female Entrepreneur, Mr. Conrad Charles for Best Innovative Male Entrepreneur and, Ms. Bibi Nandlall for Best Female Entrepreneur.

(By Derwayne Wills)