TO provide a strong professional network that promotes collaboration and contributes to economic development, Together We Win Business Network (TWWBN), on Friday, launched its Small Business Conference and Expo.

The three-day event is being held at MovieTowne Guyana, where several small businesses are exhibiting their products or services.
President and Founder of TWWBN, Marlon Joseph, said that their network is not just for anyone, but those passionate about business development.

“We work towards ensuring that businesses within our network grow and it must be noted that our network is not for everybody, it is for persons who are passionate for business development,” Joseph said.
He related that in September 2021, the business network would have signed a Memorandum of Understanding (MoU) with the Global Entrepreneurship Network which allows them to tap into resources in 100 countries and connect with entrepreneurs around the world.

Additionally, there is a programme whereby founders can pitch business ideas and can receive constructive criticism as well as find potential investors.
Meanwhile, a representative from the Small Business Bureau, Simon Pollard, used the opportunity to commended TWWBN.

“I believe the venture that we are embarking on is very timely. It is one that is absolutely necessary for small businesses in the various sectors in which they work. The Small Business Bureau is very happy to partner with this network,” Pollard said.

He related that the bureau assists small businesses in various areas and noted that it is a semi-autonomous agency of the Ministry of Tourism, Industry, and Commerce.
“The bureau has been in existence since 2013 and we are guided by the Small Business Act of 2004 along with the Small Business Amendment Act of 2021,” he said.

Pollard explained to the attendees that to be considered a small business, three criteria must be filled.
“Your total revenue must be $60 million or less annually, your total business assets $20 million or less, and you must employ not more than 25 persons in the business,” he said.

Pollard related that they offer access to financing, business training as well as incubator services to incubator centres in Regions Six and Nine and they are also responsible for the government’s 20 per cent programme for small businesses.

Concerning access to finance, Pollard said, there are grants offered as well as collateral guarantees.
“The collateral guarantee programme, we have an arrangement with two financial institutions – the Republic Bank and the Guyana Bank for Trade and Industry. Small Business Bureau does not offer loans, the Small Business Bureau recommends [persons] to these two institutions,” he said.

Pollard added that if the institution accepts a small business after being referred, they are given a preferential interest rate of six per cent.
As for the incubator centres, Pollard said that agro-processing equipment is made available.

Pollard said that because of the overwhelming number of applications for the small business development grants, applications have been put on hold.
He related that the bureau’s responsibility is to see the small business sector grow and develop.