Businesses owned by youths increased during COVID-19 – SBB

A surprising fact has emerged out of the COVID-19 pandemic: it has been revealed that since the onset of the pandemic in Guyana, the number of youths who have started small businesses has been on the increase.
This is according to Deputy Chief Executive Officer of the Small Business Bureau (SBB), Vanessa Thompson, during the disbursement of $12 million to the 12 winners of the bureau’s Green Business Fund challenge on Tuesday.

Thompson revealed that since the initiative started four years ago, the SBB has disbursed $33.8 million to 34 entrepreneurs. She shared that there has been an increase in youth-owned small businesses since the COVID-19 pandemic started.
“Over the past year and a half since the advent of the unprecedented COVID-19 pandemic, one thing that we have noted at the bureau is that there is an increase in youth-owned small businesses.
Not only those applying for the Green Business Technology Fund, but even for our regular grants, we’ve noted there is an increase in youth-owned businesses.
“This is a very much welcome gesture, something we want to encourage and promote,” she said.
The Green Business Fund is an annual competition that pits entrepreneurs against each other for the chance to receive millions in grants to fund their businesses.

Importance of small businesses
During her address to the 12 winning young entrepreneurs, Tourism, Industry and Commerce Minister Oneidge Walrond spoke of the importance of the initiative.
The Minister reminded of the importance of small businesses and the innovative ideas they bring as the country continues its development trajectory.
She also noted that at a time when the world has become more technologically advanced, Guyana must find ways to keep up. This is especially so when it comes to ideas that help with climate resilience, which the Green Business Fund promotes.
And according to the Minister, an additional fund is currently being established.
“These kinds of ideas, the idea is to have more funding available to be able to bring these businesses to a world-class level. So, it doesn’t end here, there is hope for more funding, more innovations. So, keep your eyes out,” she advised.
“While Guyana is one of the leading oil-producing nations in the world, everyone will not be able to work directly with an oil company or affiliate service. However, we can develop businesses that can feed into those operations and make the lives of fellow Guyanese more productive,” the Minister has said.
She reminded that Guyana is on a trajectory for unprecedented growth; and, in four years’ time, the country will have a new Demerara River Bridge, highways, and interconnecting roads. Additionally, thousands of Guyanese will be homeowners.
“Sustainable business practices must therefore be at the centre of our development efforts. And that is why ideas like you have created are so important in ensuring our way of life is preserved and, where necessary, enhanced,” the Minister said.
She went on to urge those whose ideas did not make the cut to refine their ideas and not give up on their dreams. (G3)