$100M Revolving Fund approved
-modalities still being developed
DPI, Guyana, Tuesday, June 05, 2018
The Small Business Bureau’s one hundred million dollars ($100M) Revolving Fun has been approved by the Ministry of Finance. This was disclosed by the agency’s Chief Executive Officer, Dr. Lowell Porter during a recent press briefing at the SBB’s head office.
Chief Executive Officer of the Small Business Bureau, Dr. Lowell Porter.
“There have been requests for information on the modalities surrounding the Fund, therefore we are finalising the necessary procedures. Once that is done we will then be able to roll out the funds”, Dr. Porter explained.
The initiative will help to finance micro and small businesses whose goods and services are sustainable and environmentally friendly. The new project which falls under the agency’s access to finance programmes is one which will be less restrictive.
In an earlier interview, Minister of Business Dominic Gaskin said the revolving fund will have open terms of reference policy, which will make set it apart from other ongoing ‘access to finance programmes’ available at the Bureau.
“We have found that many small businesses that are seeking access financing through other programmes, were not allowed to do so because of the specific terms of reference. This $100M ‘Revolving Fund’ has no restrictions, in terms of what type of businesses can access it”, Minister Gaskin explained.
The SBB currently invests in low carbon sectors to support the government’s strategy to reduce carbon emissions, through the assistance of loans, grants, and guaranteed collaterals.
By: Crystal Stoll.
Photo: Shane Clement.