IN a significant move towards fostering economic growth and supporting small businesses, the current administration has revamped the Sustainable Livelihood Entrepreneurial Development (SLED) programme.

With an enhanced accountability system and the provision of smaller grants, approximately 5,000 individuals are set to benefit from this initiative throughout the year.

Under the SLED programme, over $1.8 billion in grants will be injected into small businesses nationwide.

The Regional Democratic Councils (RDCs) will oversee the distribution of these grants over the coming months. This reformed approach ensures wider reach and opportunities for aspiring entrepreneurs in regions such as Berbice, Region Three, and Region 10.

The SLED programme had previously faced scrutiny and controversy during the tenure of the A Partnership for National Unity/Alliance for Change (APNU+AFC) administration. Mismanagement, lack of accountability, and instances of fraud and criminality were prevalent, resulting in the enrichment of parliamentarians and government officials without any substantial business ventures being established.

To prevent such dubious practices, the new dispensation has implemented crucial reforms. The maximum grant limit has been set at $200,000, significantly curbing the chances of mismanagement. By distributing smaller sums, more individuals can benefit from the programme, providing a level playing field for aspiring entrepreneurs.

The application process has also been streamlined, ensuring efficiency and transparency. Applicants can now apply through their respective regions, where their applications will be reviewed and screened. This revamped process is a departure from the past, where a selected few would receive millions of dollars while the majority of citizens remained underserved.

The primary focus of the SLED programme is to empower single parents and vulnerable citizens by creating employment opportunities and supporting their business ventures. Initially launched in 2015, the programme aimed to provide funding for entrepreneurial activities, specifically in the agriculture, livestock, and apiculture sectors.

Under the previous administration, a total of $760 million was disbursed under the SLED programme between 2015 and 2020. However, it became evident that many projects funded by the programme were left incomplete, and citizens did not reap the intended benefits. Consequently, a special audit was conducted in 2021 to investigate the management of the programme during that period.

The responsibility for overseeing the programme has shifted over time. Originally under the Ministry of Communities, it was later transferred to the Ministry of Social Protection before finally being administered by the Ministry of Local Government and Regional Development in 2020.

The redesigned SLED programme signifies a renewed commitment to empowering small businesses and ensuring accountability in the allocation of funds. By providing smaller grants and implementing stricter oversight, the government aims to create a more inclusive and equitable entrepreneurial landscape across the country. As the roll-out of grants commences, we hope to witness the positive impact of the SLED programme in driving economic growth and prosperity for all.