Over 170 persons benefit from small business grants in Region 2

In a bid to stimulate the growth of small businesses and budding entrepreneurs, over 170 residents of Region Two (Pomeroon-Supenaam) benefitted from the government’s business-grant initiative on Wednesday.

This is a part of the government’s manifesto promise to ensure that Guyanese from across the country receives assistance in expanding their businesses.
The grants were disbursed at the Anna Regina Town Council, and was spearheaded by the Tourism Commerce and Industry Minister, Oneidge Walrond.
The money will enable residents to start or expand their businesses.
During a brief remark, Walrond emphasised the Government’s commitment to understanding the needs of entrepreneurs, ensuring a tailored response through the Small Business Bureau’s services. She acknowledged the surge in requests for small business grants, highlighting the financial challenge faced in meeting the overwhelming demand. Notably, the Minister underlined the government’s proactive approach in raising the maximum grant per person from $200,000 to $500,000 since taking office in 2020.
The minister clarified the essence of grants as non-repayable assets, serving as a strategic tool to catalyze the growth of small businesses and entrepreneurs. She reflected on the impactful distribution of 1500 grants nationwide in the previous year, expressing a continued commitment to refining the application process for optimal impact.
“As you know a grant is something that is given to you and you don’t have to repay and it is a way also for us to reach our as government to continue to catalyst the growth of our small businesses and small entrepreneurs so we wanted to help as many of you as possible hence why across the country for the grant that was given for last year we are able to give out 1500 grants across the country and this year we will continue with the process to take on application where we will be a little more judicial and careful in the priority sector and refine the process so that most of you applicants will able to get the impact which we are looking for,” Waldron told the beneficiaries.
Emphasising the comprehensive support offered by the Small Business Bureau, she urged entrepreneurs not to view this assistance as a one-time handout but as a tangible, ongoing effort to support and nurture their businesses.
Additionally, the minister told the gathering about the Loan Guarantee Programme at the SBB, allowing businesses to secure over $500,000 with government support. She encouraged entrepreneurs to approach the government for guidance through the application process via the bank.
“We want to keep encouraging our entrepreneurs that small business is the catalyst for growth and development and prosperity in your communities. We need you to thrive we need you to grow and so we don’t want you to have just one small shop we want you to employ people in your community, that is how our economy with grow, move and blossom and that’s how your community will move grow and blossom,” she said.
Chief Executive Officer (CEO) of the SBB, Salim Ibram, echoed a clear mission to foster sustained growth and diversification of Micro and Small Enterprises within local sectors. He highlighted the bureau’s multifaceted approach, providing expert guidance, channeling resources effectively, and ensuring a supportive environment for maximized performance.
Ibram underscored their commitment to promoting entrepreneurship and alleviating poverty, citing various services such as diverse training programs, a marketplace, and a 20% procurement portal.
The CEO said that the grant distribution exercise as a tangible representation of the government’s dedication to creating a thriving entrepreneurial ecosystem. He took the opportunity to extended heartfelt congratulations to the recipients, urging responsible use of funds for business development and anticipating the positive impacts on the economy in the coming months and years.
Meanwhile, Regional Chairperson Vilma De Silva expressed gratitude to the government for their unwavering support of small businesses and extended congratulations to the beneficiaries. She urges the beneficiaries to utilizing the grants wisely for business development. (G14)