–rise of over 2,000 contractors, Dr. Jagdeo says

OWING to critical investments made by the government, Guyana has seen thousands of new start-ups and small businesses being established, People’s Progressive Party (PPP) General Secretary Dr. Bharrat Jagdeo has said.

Dr. Jagdeo pointed to this at a press conference at his party’s Georgetown Headquarters on Thursday, when he also disclosed that some 2,000 new small contractors have also entered the country’s buzzing construction arena.

“Thousands of new start-ups, small businesses, even contractors; we have had about 2,000 new contractors who have been bidding below $15 million for small works. Almost all those concrete roads in the villages, around the country, around the region are done by small contractors,” Dr. Jagdeo told reporters.

He said that this was made possible due to the government’s efforts to empower small business owners and contractors.

“We have put in place a system where more people have received direct transfers from the government. We have done this through co-investment in some areas to allow small business growth, and we have seen a proliferation,” Dr. Jagdeo said.
In 2023, the Government of Guyana signed a $100 million agreement with the Small Business Development Finance Trust Incorporated, targetting lending to small and micro-enterprises in various sectors of the economy.

The government, Dr. Jagdeo highlighted, recognises the role of small businesses in the country’s economy, and as such, there is a specific support system for them.
In 2023, over 2,500 grants were given to small-business owners at a value of over G$680 million.

Also, 61 loans were guaranteed through the Small Business Bureau (SBB)’s partner financial institutions valued at $569 million.

Senior Communications Manager of the Ministry of Tourism, Industry, and Commerce, Cordell McClure had previously said 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 had 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 said 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.