Hinterland communities to access small business fund

The Ministry of Tourism, Industry and Commerce has allocated $172 million for the Small Business Bureau (SBB) to provide grants and loans for the development of small businesses.

A large percentage of this sum will be used to nurture the development of small businesses through training, coaching and mentoring owners and potential business owners.

Minister of Tourism, Industry and Commerce, Hon. Oneidge Walrond made this disclosure when she, today, defended budgetary allocations for her Ministry.

A special sum has also been set aside for the development of hinterland business, the Minister said, noting that the Ministry “will always support Indigenous communities.”

Additionally, a small business fund valued $100M has been set aside for communities in Regions One, Seven, Eight and Nine. These are for areas including Matthews Ridge, Port Kaituma, Arakaka, Moruca, Bartica, Mahdia, Kato, Paramakatoi, Nappi and Parishara.

Some 40 per cent of this sum will be utilised in those areas while another 30 per cent from the SBB allocation will be used in hinterland communities.