$100M revolving fund to benefit Micro and Small Businesses in 2018

DPI, Guyana, Wednesday, November 29, 2017

A new initiative to support small businesses, in 2018, will see the establishment of a $100 million revolving fund, to finance businesses whose goods and services are sustainable and environmentally friendly.

During his Budget 2018 presentation to the National Assembly on Monday, Minister of Finance, Winston Jordan said the administration recognises the crucial role entrepreneurship plays in the development of the country and in turn, the importance of the private sector in generating employment and income.

In an overview of the Small Business Bureau (SBB), Minister Jordan pointed out that the SBB has directly supported over 1,100 budding entrepreneurs, in 2017. Also, more than 168 young persons benefitted from business grants, as part of the YouthBiz 592 project and from a pilot in-school entrepreneurship project.

A further 160 micro and small businesses directly benefitted from improved access to finance through the disbursement of business grants and loans by the Micro and Small Enterprise Development Project. A total of 392 jobs were created and 831 persons from the hinterland and coastland received training in areas related to business development.

Minister Jordan noted that “It is imperative, therefore, that we continue to strengthen the fabric of micro and small businesses, especially those owned by vulnerable groups, through the alleviation of prohibitive constraints”.  He explained that established enterprises have a crucial part to play in nurturing micro and small businesses, just as the administration has done, and continues to do, for both domestic and international enterprises, through the facilitation of an enabling environment.

 

By: Gabreila Patram

 

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