Almost $900M in grants, loans disbursed to small businesses this year by SBB

The Small Business Bureau (SBB) has successfully disbursed nearly $900 million through its grants and loan guarantee initiatives in 2023 to support and expand aspiring enterprises.

SBB’s Chief Executive Officer (CEO, Mohamed Ibrahim made the announcement at a recent small business awards ceremony, as he outlined the successes of the semi-autonomous agency.

Chief Executive Officer of the SBB, Mohamed Ibrahim

“For this year, the bureau disbursed over $484 million to 21 small business clients through our loan guarantee programme. The Small Business Bureau will also disburse approximately 300 million dollars in grants to over 14,000 small businesses this year,” Ibrahim stated.

He explained that these initiatives are testaments to the dedication of the agency.

According to the CEO, the SBB intends to cultivate the next generation of entrepreneurs, through its initiatives including the loan guarantee programme, which features low-interest rates of up to six per cent per annum and 40-70 per cent collateral coverage in collaboration with GBTI and Republic Bank.

“At the SBB, we are driven by a clear mission and vision to enable sustained growth and uniformed diversification of micro and small enterprises within local sectors. Our goal is to create positive measurable impacts by providing expert guidance, effectively channelling resources, fostering comprehensive networking, and ensuring a supportive environment for maximised performance,” Ibrahim stated.

In 2023 alone the SBB provided free training programmes through its training department and collaboration with other agencies to over 3,300 registered and potential clients.

These training programmes include small business management, financial management and record keeping, business plan writing, WhatsApp for business, SBB marketplace portal, labelling and packaging, labour laws, and machine operators training.

The agency also sponsored 36 registered clients to participate in exhibitions locally and internationally showcasing their products and services.