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US$5M Micro and Small Enterprise Development…First tranche of resources to be released shortly – Ali

Jun 25, 2013 News

Persons or groups interested in establishing micro and small businesses would soon be apprised of how to access financing under Government’s US$5M Micro and Small Enterprise (MSE) Development project.
This is according to Tourism and Trade Minister, Irfaan Ali, who said that with the conclusion of some institutional arrangements, the first tranche of resources would be made available for the expansion and development of small businesses.
Ali said that the Small Business Bureau is in operation and the Small Business Council, which is the board, has been created. However, neither the location of the bureau nor the criteria for accessing financing under the project was revealed to media operatives at the press conference.
According to Ali, such details would be disclosed at a public forum and via advertisements in the newspapers, shortly.
He said that the Ministry is currently in discussions with a company that wants to expand the apiculture industry in the hinterland region. “That company is not only looking at buying up all the honey available, but increasing our production capacity by financing small farmers in getting into the business and then buying up back all the honey produced from these honey farms,” Ali added. Last year April, when Government’s plan to launch this programme was introduced, Ali said that the investment fund would operate somewhat like the Ministry of Human Services and Social Security’s Women of Worth (WOW) programme.
“If we look at Kwakwani as an area that we are going to develop a poultry industry and we have resources through this Fund to finance and to help 10 small farmers each doing 1,000 chickens… you are talking about 10,000 chickens. We would bring them together as a small group so whilst they are small they can compete at another level.”
According to Ali, a large segment of Guyana’s business landscape comprises small businesses and Government wants to advance them as far as possible. A few months ago, Government signed a non-reimbursable agreement under the Guyana Redd+ Investment Fund (GRIF) to access US$5M for the development of small and micro enterprises with the Inter-American Development Bank (IDB) as its partner entity.

 

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