– among them former GuySuCo workers

CITING training as a major bugbear facing prospective business operators in Guyana, the Small Business Bureau (SBB) has set a target of 660 persons to receive basic guidance for managing and operating a business.

In 2019, a sum of $40M will be injected into the Bureau for the setting up and operation of two business incubators. In addition, in order to fulfil its mandate of capacity building for small businesses interested in government procurement, a sum of $18M has been set aside for training by the SBB, which falls under the portfolio of the Ministry of Business.

Minister of Business, Dominic Gaskin told the National Assembly on Monday that prospective business owners will benefit from specific training in the areas of ‘green’ agro-processing and agricultural practices, and the use of ‘green’ technologies.

“Staying on business support and development, the Small Business Bureau is committed to small-business development through training, access to finance and improved opportunities for small businesses,” Minister Gaskin said.

He reported to the National Assembly that as of November 2018, a total of 948 businesses benefitted from training in various areas such as soap manufacturing, sustainable mining, forestry and cosmetology.

GUYSUCO WORKERS
Gaskin also highlighted that the Bureau has also provided support to 387 former Guyana Sugar Corporation (GuySuCo) workers with training in the areas of plumbing, transitioning to farming, preparing loan and grant applications, catering and sewing.

He noted, too, that at the end of October this year, the SBB would have supported over 200 businesses with access to finance by providing guarantees for 45 loans totalling US$618,000, and disbursing 158 grants amounting to US$237,000.

“This support is estimated to have created 535 jobs,” he said.

At the end of October this year also, the disbursal of loans and grants under the SBB’s Micro and Small Enterprise Development Programme came to an end. However, Gaskin stated that the allocation of $100M to the small business development fund in the 2019 Budget makes provisions for the continued guarantee of loans and disbursal of grants to small businesses.

He said that in 2019, the injection of $100M into the fund will ensure that loan guarantees and grants “can continue uninterrupted until a second phase of the Micro and Small Enterprise Development Programme comes on stream.”

SECONDARY SCHOOLS MANDATE
Gaskin pointed out that the SBB has also fulfilled its mandate of assisting secondary schools.

He said that via the In-School Entrepreneurship Programme, a total of 104 secondary school students who are pursuing studies in the business stream received grants of up to $30,000 each to pursue real projects related to their academic studies. He reported that a sum of $5M was spent on the programme this year, and that next year, an additional $5M will be expended on a similar number of students.

During the morning session of the debates on Monday, Minister Gaskin reported that a sum of $10M has been set aside in the 2019 Budget for the continuation of the SBB’s Green Innovation Fund to assist small businesses with “innovative ‘green business’ projects.” He said that in 2018, six individual businesses received a $1M each, and that another six are awaiting disbursement.

Gaskin also updated the National Assembly on the Small Business Procurement Programme, which is aimed at creating more procurement opportunities for small businesses. He said the programme has been completed, and will be implemented in January 2019.