GUYANA’S economy is rapidly growing, driven by oil wealth and smart policies, creating new chances for growth.

Yet, during this boom, small and medium-sized enterprises (SMEs), which are an integral part of the economy, face a major challenge: Poor financial management.

The Small Business Bureau (SBB) raised the alarm, with Deputy CEO Simon Pollard stressing that strong record-keeping and financial literacy are essential for survival and growth. This is not just red tape; it’s the key to accessing loans, government contracts, and a larger share of the economy. 

Pollard’s points go straight to the core of the issue. Good accounting and tax compliance are not optional; they are legal requirements and pathways to success.

He highlighted that submitting tax returns on time prepares SMEs for important opportunities, like bidding on public contracts under the 20 per cent initiative meant for small businesses.

Picture a local entrepreneur in Georgetown, equipped with perfect accounting records, landing a lucrative contract that helps their business thrive. The SBB’s training programmes in financial management and record-keeping make this possible, helping business owners with up to 25 employees, assets under $20 million, and revenue below $60 million meet these requirements easily. 

What makes this initiative exciting is how it fits with Guyana’s bright future. With low-interest loans capped at six per cent for first-time borrowers and partnerships improving access to funding, SMEs are no longer just bystanders.

They are ready to drive real change, from agro-processing in the interior to tech startups in Demerara. Pollard’s optimism is well-founded: Our economy’s growth requires active preparation. By taking advantage of SBB support, entrepreneurs not only meet standards—they compete, innovate, and contribute to the country’s progress. 

This is Guyana’s moment. SMEs need to take advantage of it by focusing on financial literacy, turning obstacles into opportunities.

The SBB’s role under the Small Business Act is about making a smart investment in a strong, inclusive economy. Let’s support this effort by training, keeping records, complying, and succeeding. Our small businesses, armed with financial skills, will help propel Guyana to even greater heights.