WORK has begun on the sprucing up of the Sophia Exhibition Complex for the hosting of the Small Business Expo a week from now. When the Guyana Chronicle visited the site earlier this week, workmen were busy clearing the compound of vegetation, while others were painting and assembling some of the tents that will house the exhibitors. A few construction workers were preparing the entrance to the exhibition centre while the indoor facilities were being cleaned.

Some 300 exhibitors are expected to participate in the Expo and thus far, more than 100 have indicated their participation.
The Small Business Expo is a temporary replacement for GuyExpo which has been shifted to next year and will be part of the grand celebrations to mark the country’s 50th Independence Anniversary.
The Ministry of Business will be introducing a new model to aid the development of small businesses at the Expo, slated for November 27-29.
“What we have done this year is ask some of the larger companies to examine their supply chain to see which small businesses utilise their products…and sponsor them to the Expo. What it does is that it gives small businesses a chance to promote themselves, while at the same time promoting the sponsors’ products. It is a win-win approach, but the emphasis is on small business. However at the same time, we are not excluding the bigger companies,” Minister of Business Dominic Gaskin told the Chronicle.
The Small Business Expo, among other things, aims to promote local products and push the development of small and medium-sized businesses (SMEs) in Guyana. SMEs contribute significantly to economic growth and serve as agents of change, innovation and pioneers for creating new technologies. SMEs in Guyana are estimated to account for 40 per cent of total employment and also contribute significantly to Gross Domestic Product (GDP).

But even though a significant contributor to economic development, the development of SMEs in Guyana has been faced with several challenges.
According to reports, these include limited access to finance, high cost of borrowing, and inadequate advisory services as well as business training and management skills. In recognition of these challenges, the Small Business Act of 2004 became law, creating the legal and policy framework for promoting small businesses in Guyana. The legislation provides for the establishment of support programmes and an incentive regime for small businesses as well as the creation of a Small Business Bureau (SBB), Small Business Council (SBC) and Small Business Development Fund (SBDF).
It also guarantees a minimum of 20 per cent of government procurement to small businesses.