– Minister of Business

THE Small Business Bureau (SBB) has guaranteed $4 billion in loans from 2015 to present for registered small businesses while over $36M in grant alone was given out this year to persons from regions two, five, six and 10.

This is according to Minister of Business, Haimraj Rajkumar, during an interview titled ‘Insight’ on the National Communications Network (NCN).

He said many Guyanese are interested in developing small businesses, especially the plantain chips industry, where many people earn their daily income.

“A lot of persons are very interested in starting their own business and the Small Business Bureau would normally assist young and budding entrepreneurs. We would have been giving out grants to persons to start up businesses and those that are already in business would also receive to develop themselves,” the minister of business said.
Along with financial assistance, the minister said training will also be given to persons to ensure that they learn the methods of success.

He said the SBB would also guarantee loans for persons who have a registered business.
“We have guaranteed over $4 billion in loans from 2015 to now; the concept is that you would apply for your loans and SBB guarantees it and you pay six per cent interest, quite lower than if you would have gone to the commercial bank directly; so I think we have been doing well over the years,” Minister Rajkumar said.

Further, he said over $36M in grant alone was given out this year and persons from regions two, five, six and 10 were beneficiaries of the grants.

“The money or grants were not give-outs, its taxpayer’s money and the Ministry of Business and SBB has an accounting system where, after the money is given to the client, we would go back a few months after to ensure it’s being executed,” he said.
He said there are many success stories resulting from the grants.
“When we give out the grants, I take the opportunity personally to meet the clients and speak to them and let them understand the reason why the grant is given and for what purpose, and I make it clear that the purpose stated on the application form, that we look forward that the plan will be executed with that grant that was given,” the business minister said.

Further, he explained to clients that obtaining money through fraud is a criminal offence.
The minister said the government had tabled an amendment to the law which has not been granted but, if passed, it will give 20 per cent of all government contracts to small business contractors who are registered with the SBB.

“We are amending the definition of a small business so that more people can be eligible for the contracts under this arrangement,” he noted.

The minister further lauded the University of Guyana for bringing onstream the School of Entrepreneurship and Business Innovation (SEBI).

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Picture saved Graphics as Haimraj Rajkumar
Caption: Minister of Business, Haimraj Rajkumar