Expansion of small businesses one of Govt’s major focus – Walrond

Giving small businesses the tools to expand has been a focal point under the Irfaan Ali-led Government, having recognised the domino effect in creating sustainable livelihoods and employment opportunities for the common man.
Minister of Industry and Commerce, Oneidge Walrond explained during a Small Business Management training over the weekend that Government recognises the value of small businesses.

As such, the intention is for these enterprises to expand beyond their restrictions. During the event, several small businesses benefitted from the training – an initiative under the Small Business Bureau.
“What we want to do is to give you the tools so that the particular enterprise that you are engaged in can grow and employ even more people and be beneficial. We want to give you that vision for larger and to see yourself not only as an entrepreneur for a snackette or a small business where only you are employed. Small businesses and small enterprises like yours are the ones that fuels that kind of growth because it puts disposable income in your hands,” Walrond disclosed.
With the grants given, the Minister said guidance is given by the Bureau on how best it can be utilised. In some cases, businesses have grown to a point where a loan was needed to expand further.
“The idea is for this not be a one and done thing but for you to be in a place where you can expand. At the Small Business Bureau, we have a loan guarantee programme so when your business has come to a stage, we could help you with the business proposal that can hold muster at a bank and you can go for a loan at very competitive interest rates.”
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 Bureau had also trained more than 2000 business owners across the country in small business management, financial management, digital marketing, and business plan writing.
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. In December 2022, Chief Executive Officer (CEO) of the Small Business Bureau, Muhammed Abraham, had called on persons not to wait on promotions to become eligible for grants from the agency.
The Bureau last year went on a countrywide outreach, encouraging entrepreneurs to become compliant and have their businesses registered. Those who registered got their compliance certificates and became eligible for business grants. (G12)