THE Small Business Bureau, a department within the Ministry of Tourism, Industry and Commerce, yesterday for the first time signed a Memorandum of Understanding (MoU) and conducted a grant awards and partnership ceremony. The ceremony was held at the Guyana International Conference Centre, Liliendaal and was attended by President Donald Ramotar, Tourism Minister (ag) Irfaan Ali, Minister within the Finance Ministry Juan Edghill and Chief Executive Officer of Small Business Bureau, Derrick Cummings among other stakeholders.

President Ramotar during his feature address referred to the contributions small businesses make to the economy and how they benefit a country. “We appreciate how important you are to the economy of Guyana and to the development of our country both now and in the future,” he explained.

The Head of State explained that it has been noted worldwide while major businesses and investments are important and we continue to seek these types of businesses in our economy, “it has also been noted that by many experts in the field relate that the sustainability of economic development and progress in any society is directly linked to the development of small businesses.”
He hopes many of the awardees that are being awarded grants would not stay small but they would have the potential to improve themselves to medium or even to large businesses.
President Ramotar noted that many businesses flounder because of the lack of resources, but with the implementation of this project many businesses can now prosper.
The President encouraged persons to utilise this grant and also empahised that Guyanese need to start supporting local entities. “This is a good beginning and I hope that you all would move on to different levels”, the Head of State exhorted.
The event marks a significant milestone in Government’s contribution to the Small Business Sector. The Government of Guyana, via the Low Carbon Development Strategy/Guyana REDD+ Investment Fund (LCDS/GRIF) facility has made available to the Small Business Bureau (SBB) the sum of US$10M to be utilised over a period of four years for the purpose of funding and comprehensive training of small business entrepreneurs.
The Micro and Small Enterprise (MSE) Development and Building Alternative Livelihoods for Vulnerable Groups Project, which was launched in October 2013 has been crafted to enable the best utilisation of the funds. The project is administered by Inter-American Development Bank (IDB), monitored by Ministry of Finance with oversight by Office of the President and executed by the SBB. Which directly administers a grant scheme to deserving recipients.
Over 900 clients have accessed training and18 have benefitted from the low interest of 6% per annum, where a mutual guarantee facility to the tune of over $90M. Also More than 60 grants of approximately $20M have been approved for disbursement. With the grants more than 167 new jobs has been created and sustained as a result of this intervention.

Christina Samaroo, Research and Marketing Officer at SBB, explained that with the signing of the MoU by the Guyana Small Business Association (GSBA), Republic Bank Guyana, the Deeds Registry, Guyana Revenue Authority (GRA), National Insurance Scheme (NIS) and Guyana National Bank of Trade and Industry Limited (GBTI) would leapfrog the facilitation of small businesses benefitting from partnership arraignments and enter the formal business economy.
The SBB through the Micro and Small Enterprise Development (MSED) Project funds and Governments’ yearly subvention allocations is equip to offer affordable access to finance, provide grant funding, offer technical and generic trainings, assist in marketing of goods and services to the Government and other purchasers and also offer professional business start-up advice. Clients must be registered with the NIS, GRA and Deeds Registry Offices to be able to access these facilities as defined in the MoU.
Tourism Minister (ag) Irfaan Ali during his remarks congratulated the grant awardees and particularly noted his delight to have seen so many students attending the ceremony. He explained to the students how important this ceremony is for them while studying or intend to study Business Administration. “Today you are given the opportunity to witness firsthand how a national policy is giving opportunity to so many families across Guyana, empowering them and improving their livelihoods”, he explained.
Small Businesses play a very critical role in the global economy and we know that many small businesses contribute to the creation of employment and contribute to expansion and development of our economy, the Minister emphasised.
Ali also congratulated the institutions that played a dynamic role in building small businesses by making available to the small entrepreneurs “an opportunity for them to advance their economic prospects in our economy.”
“The fact is that many small businesses cannot find the collateral requirements to start their business and a lot of times good business plans get tossed away because of lack of collateral and it is in this direction that the policy framework is designed,” he stressed.
“This accomplishment of more than $2B in small businesses grants that would be awarded is a direct result and output of the Low Carbon Development Strategies (LCDS).Today more than 60 grants amounted to approximately $20M has been approved for the first time and 167 new jobs were created,” Ali added.
He emphasised the Government’s position and their delivery on their promises to the people of Guyana and this project today is testimony to this. “Small businesses and small entrepreneurs have a bright future and part of the Governmental agenda has been the building, expansion and promotion of small business and today is testimony to the delivery of that promise to the people of our country.”

(By Rebecca Ganesh-Ally)