Over 3,900 grants distributed by SBB within last four years

…82% of businesses that received grants still in operation

As the Small Business Bureau (SBB) continues to promote entrepreneurship and support small businesses nationwide, the organisation from 2020 to 2024 has distributed more than 3,900 grants to small business within the country, the majority of which are still in operation.
This data was presented at the 103rd Sitting of the Twelfth Parliament on Friday at the Arthur Chung Conference Centre (ACCC).
In a written question to the Minister of Tourism, Industry, and Commerce, Oneidge Walrond, Opposition Member of Parliament (MP) Annette Ferguson asked if the Minister could “indicate to the National Assembly, from 2020 to October 2024, how many small businesses that received grants still exist? If none, what are the pitfalls?”
In her written response, Minister Walrond revealed that over the period 2020 to 2024, the SBB issued a total of 3,920 grants to small businesses across the country, as part of its efforts to support entrepreneurship and stimulate economic growth.

Notably to date, the Bureau has also successfully conducted Monitoring and Evaluation (M&E) visits for 2,877 of those businesses, representing a significant commitment to ensuring accountability and tracking the impact of these grants to ensure business continuity and growth.
Of the businesses monitored, an average of 82 per cent are still in operation over the four years a testament to the resilience of our small business sector and the positive impact of this initiative.
However, the Ministry also acknowledge that challenges remain.
According to the Minister, the Bureau was unable to conduct monitoring and evaluation (M&E) visits for all grant recipients due to factors such as changes in business locations, failure to provide updated contact information, and, in some cases, the migration of business owners. Nevertheless, the Ministry remains committed to supporting small businesses and will continue to strengthen its monitoring mechanisms to better serve this vital sector of the economy.
MP Ferguson also asked about the mechanisms the Tourism Ministry has in place to ensure that businesses who received grants remain viable.
According to Minister Waldron, as part of efforts to ensure these businesses remain viable, the SBB uses its robust inoV systems to address this matter effectively.
Firstly, continuous business development and financial literacy training plays a critical role. Entrepreneurs benefiting from these grants are continuously engaged in workshops and training sessions. These sessions focus on essential areas such as Business Proposal Writing, Financial Management and Record Keeping, Small Business Management, Marketing Fundamentals and many others.
This ensures that business owners are equipped with the necessary skills to successfully manage and grow their enterprises. Secondly, Monitoring and Evaluation is a continuous process. The SBB conducts regular follow-ups with businesses to assess their progress, address challenges and further needs of businesses. This hands-on approach ensures that businesses remain on track toward achieving their goals.
Additionally, the SBB has introduced Mentorship Programmes that connect grant recipients with experienced business advisors. These mentors provide guidance on best practices, strategic decision-making, and overcoming challenges. Notably, the relaunch of the Resource Centre further enhances support by offering a hub for business advice and resources.
Furthermore, the SBB actively promotes sponsorship opportunities, by enabling clients to showcase their products in local and international markets. Through trade fairs and expos, entrepreneurs are provided with platforms to expand their reach and build valuable connections and increasing their marketability.
The SBB also facilitates Access to Additional Financing through its Loans Guarantee programme, by linking entrepreneurs with financial institutions accessing loans for business from $500,000 to $30,000,000 (GYD) at 6 per cent per annum, while guaranteeing from 40 per cent to 70 per cent of the collateral. This ensures that businesses have the financial backing they need to scale up operations and remain competitive.
These mechanisms demonstrate a comprehensive and structured approach by the SBB to not only ensure accountability for grants provided, but also to empower small businesses to thrive and contribute to economic growth. The SBB remains steadfast in its mission to foster sustainable entrepreneurship and create opportunities for long-term success.
Meanwhile, in January this publication had reported that the SBB had made a monumental impact on small businesses in the country, disbursing nearly $1 billion in grants since 2020 to date. The grants were allotted to entrepreneurs from the ten administrative regions, with the aim of fostering growth and sustainability within the small business community.