New fund developed to target entrepreneurs with innovative ideas

…as President Ali urges creation of female-owned tourism facilities in Region 2

As a way of encouraging more innovation and opening doors and access to funding for entrepreneurs, the Government is developing a new fund that will target entrepreneurs with innovative ideas.

This is in addition to other existing funds that have been set up for entrepreneurs, thus increasing the resource pool they can access. During her address at the Government’s Region Two (Pomeroon-Supenaam) outreach, Tourism, Industry and Commerce Minister Oneidge Walrond spoke of the Innovation and Entrepreneurship Fund.
“We’ve already started to implement policies to help and support you with your business venture and your dreams. And we have increased the small business grant from $200,000 to $500,000. We are developing the Innovation and Entrepreneurship Fund, which is to target new ideas and ways of thinking and there are so many other policies.”

“We need our young people, the ones who have the brains and the capacity, because they’re young and agile and they’re able to catch up with technology and changing patterns. And that is why you are here, to inform our policy, to continue to be engaged, we want to understand the things that matter to you,” she further explained.
Walrond noted that the Small Business Bureau (SBB) falls under her purview and that small businesses are an important driver of economic growth. She emphasised the Government’s eagerness to help those who own a small business or have a business idea.
Among the funds that exist to help entrepreneurs is the Green Business Fund, an annual local competition that pits entrepreneurs against each other for the chance to receive millions in grants to fund their businesses. The latest edition of this competition was held a few months ago.
And in January of this year, in keeping with its mandate of promoting entrepreneurship and small business development, the SBB handed over $20 million in grants to entrepreneurs under its Green Tech Fund. This programme is for existing and start-up businesses that are technology and environment-oriented.
It was revealed back in July of this year by the SBB that since the onset of the COVID-19 pandemic in Guyana, the number of youths who have started small businesses has been on the increase.

Opportunities
Meanwhile, President Dr Irfaan Ali encouraged the crowd of Region Two residents to be on the lookout for entrepreneurial opportunities, especially in fields such as agriculture. He assured them that the Government will be investing heavily in their region.
“Entrepreneurship. We’re starting a programme, first to let you understand that agriculture is a dignified career. Agriculture has great potential and agriculture can be a transformative investment for your families and for yourself.”
“So we’re going to be investing in this region, in making lands available to young people and working with you to have more packaging and processing, more bagging, thus creating more entrepreneurial opportunities,” he said.
The President went on to urge Walrond to work with the residents of Region Two to create a tourism facility that will empower and be fully owned by women. This is also something that can be marketed to the world.
“I want to challenge Minister Oneidge to come up with one tourism facility that is owned by 100 per cent women in Region Two. So, we can market one facility in all of South America, that is owned by 100 per cent women. That is an additional marketing advantage that we can make use of,” the President said. (G3)