$1B in Small Business Grants disbursed since 2020 – SBB CEO

…says disability fund loans most remarkable initiative

The Small Business Bureau (SBB) has made a monumental impact on small businesses in the country, disbursing nearly $1 billion in grants since 2020 to date.
The grants were allotted to entrepreneurs from the ten administrative regions, with the aim of fostering growth and sustainability within the small business community.
Chief Executive Officer (CEO) of SBB, Mohamed Shazim Ibrahim told this publication that shared key achievements and initiatives that have transformed the local small business landscape, including providing training, grants, and access to crucial financial support.
“Over the last four years, close to 4,000 businesses were able to benefit from grants. Close to $1 billion were issued. From this, we have probably about 85 per cent of those businesses are still in operation, and over 40 per cent of them have shown growth in some way or the other. This is what we have assessed from our monetary valuation visits,” the CEO said.
Over the last four years, SBB has provided invaluable assistance to more than 10,000 businesses through targeted training programmes covering financial literacy, small business management, marketing, packaging, and even specialised export readiness workshops.
In 2024 alone, over 2,800 businesses across the country participated in SBB’s comprehensive training initiatives. Ibrahim explained that promoting entrepreneurship, alleviating poverty and elevating the standard of living for Guyanese is imbedded in the diverse range of services offered.
“Over the years, 2020 to 2024, we were able to assist over 10,000 of our clients through small business development training, financial literacy, small business management, financial management and record keeping, and among a few other trainings, as well as we did a true collaboration with a number of different agencies as well. GRE, GNBS, Go-Invest, GNC, NAREI, specifically helping the clients in matters of import and export and poultry rearing and livestock. So, all the different agencies that are in charge of those. So, we were able to make that connection with the small businesses, along with our specific training in business development and financial literacy for them to grow,” he said.
The funding and support provided through SBB’s grants have played a pivotal role in promoting economic growth, helping entrepreneurs scale their operations, and improve livelihoods.
In addition to grants, SBB offers loans up to $30 million in partnership with financial institutions such as Guyana Bank for Trade and Industry (GBTI) and Republic Bank.
“The small business, we have been impacting citizens and by empowering the entrepreneurs for fast economic growth and improving livelihoods through our many programmes that we have, our grants and our loan programmes specifically, where small businesses can access up to $30 million in funding through our partner financial institutions, GBTI and Republic Bank. And I must clarify, this is not an unsecured loan. This is partially secured because we cover 40 to 70 per cent of the collateral for these loans. But the programme, it’s one of the lowest costs in the programme. It’s only 6 per cent interest and we assist you right through the whole programme,” Ibrahim added.
According to the CEO, one of the bureau’s most remarkable initiatives is its disability fund loans programme, where individuals with disabilities can access up to $500,000 in collateral-free and interest-free funding to start or expand a business.
This initiative he noted aims to foster inclusivity and provide equal opportunities for disabled entrepreneurs. (Trichell Sobers)