In 2018, the Small Business Bureau (SBB) intends to implement a programme, where it will register companies that meet certain criteria with regard to standards and quality. These companies would form a list of companies that the Bureau can recommend to larger companies looking to sub-contract or contract Small-to-Medium Enterprises (SME.)
This was announced by Business Minister Dominic Gaskin during his budget presentation to the National Assembly. Minister Gaskin noted that over the years, the SBB has demonstrated the capacity to manage business development programmes successfully.
He also disclosed that advertisements will be placed at the Bureau on behalf of these companies to promote them to larger enterprises.
“These larger enterprises can contact the Bureau whenever a business opportunity arises, and the Bureau would then recommend the qualified companies in this sector of activity. If successful, this can be a great programme to promote the small businesses of Guyana,” Minister Gaskin explained.
Additionally, $100 million has been allocated towards the establishment of the Small Business Development Fund. This will serve as a revolving loan fund to address the needs of businesses that cannot meet the requirements of the traditional banking system.
According to the Department of Public Information, Minister Gaskin said the effective revolving nature of the fund will limit the erosion of its capital. This, he said, will be achieved through careful screening of applicants prior to referral to the programme; frequent review of the performance of the revolving fund; favourable interest rates; and shorter repayment periods (not more than one year) to allow for timely revolving of funds.
