1400 small businesses to receive $300M in grants by year end

…$680M in grants issued for last 3 years

Under the Small Business Bureau, hundreds of small businesses have benefitted from loans and grants amounting to over $500 million, enabling and empowering micro-entrepreneurs and enterprises to boost their operating capacities and target new markets.
Chief Executive Officer of the Small Business Bureau (SBB), Shazim Ibrahim, revealed during the SBB’s annual awards ceremony that a whopping 1400 small businesses will receive grants totalling $300 million for the year 2023.
The Bureau, which operates under the Tourism, Industry and Commerce Ministry, has also handed over some $284 million to 21 small businesses under its loan guarantee programme.
The CEO outlined, “These initiatives are a testament to the dedication of nurturing and supporting entrepreneurship by the bureau. We take immense pride in nurturing local agro-processors, and production data from our incubator is a testament to the thriving innovation within our small business community.”
During an awards ceremony, 21 small businesses received awards for their outstanding performance in different fields of business. Ibrahim emphasised that small businesses contribute significantly to the wider economy. With assistance, some have been able to represent their products at events in Barbados, Brazil, and other regional locations.
“We seek to empower small businesses to cultivate the next generation of entrepreneurs… With an impressive production of over 52,000 sachets of teabags and 599 litres of virgin coconut oil, our entrepreneurs are not just meeting local demand, but are also positioning themselves as competitive players in the market,” he added.
The SBB also assists small enterprises with exposure at local and international expos, which have allowed those businesses to grow their customer base, gain familiarity in the market, and expand production.
Coaching and mentorship programmes have further enhanced their capabilities, Ibrahim added.
Speaking on behalf of the Minister of Tourism, Industry and Commerce, Oneidge Walrond, the Ministry’s Communications Manager Cordell McClure reiterated the Government’s commitment to supporting small businesses.
“Over the last three years, the Government has issued approximately 2,500 grants valued at over $680 million. We have also guaranteed 61 loans through our partner financial institutions valued at $569 million…This support is designed to give our businesses the exposure required for expansion into international markets, and our commitment extends to comprehensive training programmes,” he explained.
Meanwhile, among the businesses that received awards are Rejuvenate Health Plus Spa, Evo Business Solutions Incorporated, Doris Products and Services, Jeveeta’s Unique Creations, Sally’s Stitch Fix, DT Craft Creation, and Laurence’s Poultry Farm, among others.