Govt allocates $600M to Small Business Development Fund

– business incubators, industrial estates among planned initiatives for 2025

With the aim of supporting small businesses, the People’s Progressive Party/Civic (PPP/C) Government has set aside $600 million for the Small Business Development Fund, an increase in its allocation to the fund compared to last year.
The Small Business Development Fund received an allocation of $450 million in 2024. A perusal of the 2025 budget estimates show that this provision has increased to $600 million this year, a 33.3 per cent increase.
In his presentation of the 2025 budget, Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh had lauded the important role small businesses play in enhancing the lives of citizens.
He had also spoken of the various forms of assistance the PPP/C Government has provided to small businesses throughout last year, as well as the further assistance they can look forward to in 2025.
For instance, he explained that the Belvedere and Lethem industrial estates on the Corentyne and in Region Nine respectively, have already been completed. These will provide 101 plots for small businesses operating in light, medium and processing industries.
Additionally, further works have started by the Government to build similar industrial estates in Regions Two, Three, Four and 10, with $3 billion being budgeted in the 2025 budget to continue these works.
Moving forward, it was explained that the Government will be designing and expanding the Guyana Shop to showcase products under the ‘Made in Guyana’ brand.
It was explained that 12 Guyana Shop spaces will be added to create 93 such spaces at shops across the country.
“In 2025, one additional agro-processing facility will be completed. In addition to the agribusiness hub at La Bonne Intention, another will be established at Bartica, while an additional 1,242 farmers and agro-processors are expected to benefit from related training. To ensure these and other initiatives continue, $527.4 million was expended in 2024 and a further $800 million is budgeted for 2025,” Dr Singh also said.
Apart from the preceding initiatives to create opportunities for entrepreneurship, the Finance Minister also announced that in 2025, they will be actively pursuing the establishment of business incubators and comprehensive training and mentorship programmes to foster entrepreneurship.
“To date, over 10,000 small business owners have been trained, of which over 2,400 received training in areas like financial management, business plan writing, and marketing fundamentals. In 2025, we plan to train an additional 3,000 entrepreneurs in key sectors,” the Finance Minister said.
The Government’s work also included improving access to credit and grants by providing startup grants and implementing a collateral guarantee programme, as well as establishing funds to stimulate innovation and new businesses.
“Since August 2020, we have provided a total of 132 loans, including 21 disability loans, and over 4,000 grants of which 43 were green tech grants. In 2024, we disbursed 46 loans,” the Finance Minister explained.
The Government was also able to implement the Youth Entrepreneurship Programme, which saw several schools sensitised and resulted in over 50 business plans being submitted to date.
Additionally, a Small Business Bureau Marketplace Portal was established to connect buyers and sellers. He revealed that as much as 192 small businesses are now online.
“In 2024, another agro-processing facility at Crabwood Creek was completed bringing the total to 15 across the country over the past four years, benefitting over 150 agro-processors. In addition, one packaging facility and nine solar drying facilities were constructed and operationalised while 190 farmers and agro-processors were trained,” the Minister disclosed.