$315M in financial aid distributed to small businesses

Nov 13, 2021 News

Kaieteur News – The Small Business Bureau (SBB) recorded a total of $314.9M dollars in grant distribution to small business owners countrywide for the year, thus far.
According to the Minister of Tourism, Industry and Commerce, Oneidge Walrond, the SBB distributed a total of 717 small business grants, and hopes to surpass 800 before the year is completed.
The Minister stated that the budgeted amount allocated to the sector was $250 million, but the extra amount rolled over from last year’s budget allowed the SBB to distribute more than this year’s budget. She stated that she is quite elated that they were able to distribute so many grants, as the Bureau only planned for the distribution of 700 grants. She further acknowledged that since the SBB was established in 2010 this is the highest number of grants it has distributed, and that “this is a testament to the hard work and dedication of the staff at the Small Business Bureau,” Waldron related.
“Small businesses are the engine of growth in the country,” according to the Minister. The money given is directly injected into their businesses and aims to fuel their growth and get the economy going again.
The Minister acknowledged that the grant distribution is a countrywide initiative, and noted that for persons who are out of the Region Four district are also able to access these funds. She noted that the ministry travels to them to ensure they experience less of a hassle, and see to it that persons applying receive their grants, as soon as possible.
Persons who are desirous of applying for a loan must have compliance certificates from both the Guyana Revenue Authority (GRA) and the National Insurance Scheme (NIS), proof of business registration, the SBB’s registration form, and a business proposal.
The Minister was kind enough to note that the SBB has offices at both of the abovementioned government agencies. She further went on to say that there are persons at the SBB’s office who are responsible for assisting applicants to structure and complete their business proposals.
This will help with a smooth flow towards the completion of the process.

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