Over 100 small businesses benefitted from loans, grants

OVER 100 small businesses benefited from loans and grants through the Small Business Bureau in 2016, a report tabled in the National Assembly revealed.

Minister of Business Dominic Gaskin tabled the Small Business Bureau (SBB) 2016 Annual Report in the National Assembly on Friday.

In the report, the Chairperson of the Small Business Council Valerie Grant stated that in 2016 the SBB, in keeping with its mandate, administered the Micro and Small Enterprises Development (MSED) Project which resulted in the approval of loans for 63 businesses totaling approximately $237.7M. She noted that the Grant Committee also approved 73 grants totaling $21.9M.

“Through the grant scheme and mutual guarantee scheme approximately 373 jobs were directed, created and or sustained,” Grant reported.

In that year, a strategic public awareness campaigned rolled in far reach areas of the hinterland regions, resulted in 2395 new businesses signing up to be a part of the SBB.
“In 2016, the SBB established training agreements with several training partners. Through these arrangements coupled with internal resources, a total of 1,353 persons were trained across Guyana, in various areas including business management fundamentals and hands-on technical skills training,” the Small Business Council chairperson further noted.

The SBB had also partnered with CUSO International, Georgetown Chambers of Commerce (GCCI) and GeoTechVision through a signed a MoU to establish a business incubator.

Additionally, the bureau also started plans for the establishment of two industrial incubators.

When compared with 2014 and 2015, it can be said that the bureau performed favourably in 2016. According the SBB 2015 Annual Report, approximately 230 jobs were created that year compared to 373 in 2016.

In 2015, a total of 24 loans were issued to entrepreneurs along with 136 grants while in 2014 only 12 loans were disbursed and 25 grants.

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