Govt targeting 1000 small businesses for grants in 2023

– as $300 million set aside in budget

The People’s Progressive Party/Civic (PPP/C) Government is targeting the distribution of 1000 small business grants in 2023, with an allocation of $300 million set aside in Budget 2023 to cater for these distributions.
This is according to Minister of Tourism, Industry and Commerce Oneidge Walrond, while defending this allocation during the examination of the budget estimates. She further explained that based on Guyana’s grant regulations, each of the 1000 recipients can receive anywhere between $500,000 and $150,000.
Last year, 1429 grants were distributed. Walrond explained that last year’s allocation surpassed their projections for 2022, since they were targeting 1200. This year, the Ministry will be more focused on monitoring and according to her, the target quoted is the number the Ministry can adequately monitor.
“This year, we will do more monitoring of the businesses. So we said 1000 businesses but it will not necessarily be limited to 1000 businesses. Every year we’ve been exceeding our target and we probably might this year,” Walrond said.
“But 1000 is the figure we feel we can effectively monitor. It’s the number we find we can work with and its sustainable, not just handing them the grant but being able to follow up with training, and inspections so the business can grow.”
The Minister further explained that the business must be compliant with all the requirements, including being registered with the Deeds and Commercial Registry, the Guyana Revenue Authority (GRA) and the National Insurance Scheme (NIS). A business plan must also be submitted.

“The application process can be done online, at the website. The business must be registered with the Bureau and satisfy the criteria of being a small business, according to the Small Business (Amendment) Act,” she said.
The Small Business Bureau (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, the 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.
Abraham noted that those who had their businesses registered, and got their compliance certificates, became eligible for business grants. Abraham said entrepreneurs do not have to wait on such promotions.
“We do continuous registration. Our focus is not only on grants, we are focused on developing businesses – sustainable growth,” Abraham told this publication. He was at the time speaking of the distribution of grants in Region Six (East Berbice-Corentyne) on December 17.
More than 100 business persons have received grants to the tune of $150,000 in Region Six. A similar exercise is slated to take place in Region Five (Mahaica-Berbice) on Thursday.
Abraham has said that once a person becomes a client of the Small Business Bureau, that person would have access to all services offered by the Bureau, which include grants, loans and training.