$450M for Small Business Support this year

Budget 2024 has provided a sum 450 million for the replenishment of the small business development fund.

This was announced by Senior Minister within the Office of the President with Responsibility for Finance and Public Service, Dr Ashni Singh as he presented Budget 2024.

In addition, Dr Singh stated that $331 million dollars was allocated to the Small Business Bureau for initiatives that will contribute to small and micro business development.

“We will support the availability of easy credit and grant support including through the provision of startup grants and the operationalisation of the collateral guarantee program to stimulate the growth of small businesses.

We will continue to train small business owners. An additional 2,800 is business owners will be trained in specialised business development programs particularly in five key sectors, apiculture, farming, livestock, poultry rearing and micro enterprise,” Dr Singh stated.

The following initiatives are being pursued reconstructing rehabilitating and updating industrial estates across the country to this end sir

This year will see the commencement industrial development in Wales while works in Regions Two and 10 will be advanced with an allocation $3.3 billion.

Dr Singh noted too that several other initiatives that will benefit small businesses.

“We are implementing that will benefit small businesses, include the electronic single window for trade transactions which the sum of 600 million dollars is budgeted, the national quality infrastructure laboratory currently under construction for which are some of 1.25 billion dollars is budgeted and the construction of the food and drug laboratory for which are some of 500 million dollars is budgeted” he stated.

This is, in addition, to investments being made in energy infrastructure that will reduce the cost of electricity, and position small businesses to take advantage of the opportunities that abound.