OVER two dozen business owners living in Region Two, on Friday, received a one-off $150,000 cash grant from the Ministry of Tourism Industry and Commerce’s Small Business Bureau (SBB).

The money will be used by poultry, agriculture, electronics, clothing, jewellery and grocery store owners to put “some life” back into their operations which were put on hold for various reasons including the COVD-19 pandemic.

During a simple yet significant ceremony in the boardroom of the Anna Regina State House, Chief Executive Officer of the SBB, Mohamed Shazim Ibrahim said that he was distributing the 25 grants to help empower the owners of small businesses so that they can grow.

“We are moving small businesses from micro to medium. We are serious about sustainable growth and this means you have to understand how to grow the businesses and this is where the Small Business Bureau comes in by offering training,” Ibrahim said

He further explained to beneficiaries that the SBB provides training in management, budgeting, financing and other business-related areas.

The official told the business owners that the SBB will also assist with loan guarantees up to 6 per cent and assist businesses with marketing and trade shows so that they can showcase their products.

“We understand the importance of packaging… we can get businesses connected to Guyana Marketing Corporation and create marketing opportunities in different countries,” Ibrahim said.

The CEO further explained that the SBB will be examining ways of establishing an agro-processing facility in Region Two to assist agro-processors. He said that during 2022, over 1,400 grants were distributed to business owners and 2,000 persons received training in various fields.

“We have also helped to guarantee about 28 loans. The loans are up to $30 million and we guarantee 40 per cent of the collateral of that initially and it can also go all the way up to 70 per cent. We are helping persons so businesses need to reach out to us,” Ibrahim said.

Meanwhile, Region Two Chairperson, Vilma De Silva, urged business owners to make good use of the training opportunities that are being made available to them. She also called on them to keep good financial records as part of their accounting.

Several beneficiaries were very excited when approached by this publication.

One such person was Ruth Singh who spoke of the impact the cash will have on her life.

She explained that her grocery and liquor shop was closed due to the pandemic. She said that now that she has received the grant, her Christmas holiday will be “bright” since she will be able to restock her shop which will allow her to reopen the doors.

Another grocery shop owner, Fareeza Ally, said that she was thankful.

She said that the pandemic affected her business and she was forced to close it. She said that she was happy that she received the grant which will help her to reopen and possible expand her business.

Lalichan (only name given) from Lima Sands echoed similar sentiments and he too expressed his gratitude to the government and the ministry for the timely initiative.