Over 395 Small Business Grants disbursed to budding entrepreneurs

…almost 1500 grants issued in 2023

The Small Business Bureau of the Tourism, Industry and Commerce Ministry on Tuesday disbursed some 398 Small Business Grants, allowing the recipients to embark on advancing their respective enterprises.
The Small Business Grants were allotted to entrepreneurs in Region Four (Demerara-Mahaica) but this exercise will follow in the other regions.
At the Arthur Chung Conference Centre (ACCC), Tourism, Industry and Commerce Minister, Oneidge Walrond outlined that this is a fulfilment of Government’s manifesto promise on the 2020 campaign trail, to provide continuous support to small businesses.

Minister Walrond detailed, “I just want you to know as small business owners, this small business sector is a priority sector for our Government. We understand that when your small business thrives, the economy thrives. You are able to become not only a sole proprietor but you’re able with the help of the Small Business Bureau and Government, to become an employer.”
For 2023, it was disclosed that almost 1500 Small Business Grants were disbursed across the country.
The Minister drew comparison to the performance of the former Administration’s track record, “As a Government, we put our money where our promises are. We have seen from last year alone that the amount of grants given for the five-year period under 2015 to 2019 under the APNU Government was 900 grants. We have given 1500 for just last year alone.”

Unwavering commitment
Deputy Chief Executive Officer of the SBB, Simon Pollard attested that Government has been unwavering in its commitment to fostering growth and sustainability within the small business community.
He explained that promoting entrepreneurship, alleviating poverty and elevating the standard of living for Guyanese is imbedded in the diverse range of services offered.
“At the Small Business Bureau, we are driven by a clear vision and mission to enable sustained growth and uniformed diversification of micro and small enterprises within our local sector. Our goal is to create positive, measurable impact by providing expert guidance, effectively channelling resources, fostering comprehensive networking and ensuring a support environment for maximised performance,” said Pollard.
Once registered, persons can benefit from loans, grants, training opportunities and exposure for their businesses.
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.
For 2022, the Small Business Bureau had surpassed its 2022 grant distribution target by 631. The agency had a budgetary allocation for the sum of $300 million for the distribution of 800 small business grants. However, by the end of 2022, the agency had distributed a total of 1431 grants.
The SBB Fund has grown significantly since 2020. In the 2020 and 2021 budgets, the respective sums of $100 million and $250 million were approved.
At the end of 2023, it was disclosed that hundreds of small businesses 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.
Over 1400 small businesses received grants totalling $300 million for the year 2023. (G12)