gov’t guaranteed 61 loans valued $569M to further assist sector
By Cindy Parkinson
AS government continues to work with its local and international partners to boost morale and ensure the growth of micro and small enterprises and their adherence to standards, the Small Business Bureau (SBB) and the Ministry of Tourism, Industry, and Commerce, on Tuesday, held their annual awards ceremony.
The simple yet important event was held at Parc Rayne to celebrate 21 small entrepreneurs for their exceptional achievements across several industries.
The Senior Communications Manager of the Ministry of Tourism, Industry, and Commerce, Cordell McClure, explained in the remarks he delivered on behalf of Minister of Tourism Oneidge Walrond, that while the SBB is currently associated with grants, loan guarantees, and training facilitation, it is also crucial to understand the broader objectives of these initiatives.
While noting that the Government of Guyana continues to invest heavily in small businesses, McClure asserted that for the past three years, President Dr. Irfaan Ali and his administration have given over 2,500 grants to small business owners at a value of over G$680 million.
“We have also guaranteed 61 loans through our partner financial institutions valued at $569 million,” he said.
He further added that the government has also supported the participation of small businesses at the various expos that were held throughout the country.
“The Small Business Bureau and the government have supported small businesses at Agro-fest in Barbados, the Vincy Expo in St. Vincent and the Grenadines, as well as shows in Brazil and other different parts of the world. This support is designed to give our businesses the exposure that is required for expansion in international markets, and our commitment extends to comprehensive training programmes,” McClure explained.
He also explained that since 2020, over 7,000 clients have benefitted from training in their respective fields, which aims to build the capacity of small businesses and to contribute to a more robust sector.
McClure further stated that the government continues to give significant support to small businesses because they believe that small businesses are the ‘backbone’ of any economy.
“You play a critical role in driving economic development, creating jobs, and enriching communities. Therefore, we want you to see yourselves as having a pivotal role in Guyana’s development,” he related.
Additionally, the senior communication officer said that grants are meant to serve as a launching pad or start-up initiative, and incentives and loan guarantees offer competitive interest rates and facilitate business expansion by providing access to much-needed capital.
He also stated that the government and the SBB support and investments are geared towards realising growth in the small business sector. It is expected that these businesses would utilise these resources to develop innovative approaches, explore larger markets, and consequently generate greater revenue and employment opportunities.
Finally, McClure said: “Businesses that fail to be creative and innovative will struggle to survive in today’s competitive global economy. I would like to encourage each of you to embrace innovation as a critical element of your business strategy. I also encourage you to tap into the services of the SBB, and on this note, I would also like to encourage small businesses across Guyana to ensure that they are registered with the bureau to benefit from the extensive services that they offer. The government has set aside 20 per cent of all contracts for goods, services, and works for small businesses. However, these small businesses must be registered with the bureau. To ensure the smooth function of this process, a small-business registry has been established.”