SBB’s $12M Green Business Technology Fund programme to grant 12 persons startup fund
DPI, Guyana, Friday, March 09, 2018
As the Small Business Bureau (SBB) widens its access to finance programmes, it will soon invest the sum of GYD$12M into its new Green Business Technology Fund, with aims to “promote innovative business ideas” in Guyana.
Credit Guarantee Fund Manager at the SBB, Gillian Edwards explained that the pilot project is one that will cater to 12 youths between the ages of 18-35, from various parts of the country. She said a total of GYD$1M will be granted to each of the 12 persons upon the selection of their proposals.
“It could be an existing business, or it can be a new idea that someone needs the support to see whether it can grow into a more viable business,” Edwards said.
The Green Business Technology Fund project is still in its initial stage, and the SBB is still in the process of accepting proposals. Edwards explained the proposal will be judged on three main areas.
“The major areas we are looking at is how innovative the idea is, the strategy for delivering the product or the service and the potential for it to grow into a more sustainable business enterprise”, she explained.
While the project aims to benefits youths in particular, Edwards said it will also provide a platform for students at the University of Guyana (UG), “since there are no incubators to assist them on business startups.” As such, she hopes to see an influx of proposals from students on the campus.
“In terms of the content, we are expecting to see the use of software, alternative energy usage…particularly between the two areas…$1M is not a whole lot of money but we know it can give a start and we hope that once this works out, we will have more persons coming on board to support this initiative.”
The Credit Guarantee Fund Manager explained, the proposals for the GYD$1M grant should consist of a document of no more than 20 pages and include the idea/innovation along with images or prototype drawings or links.
For existing businesses interested in the programme, they will be required to submit records of past financial performance, registration and other relevant business documentation. A development plan for the solution, implementation strategy and outreach strategy will also be required.
The last date for submission of proposals will be March 30, 2018.
The SBB’s Green Business Technology Fund project aims to push the government’s green strategy by re-orienting the economy on to a low carbon path, through the implementation of incentives to invest in Low Carbon Sectors (LCS).
By: Crystal Stoll