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$300M allocated to replenish small business fund

Jan 28, 2022 News

Kaieteur News – Budget 2022 has allocated $300 million for the replenishment of the Small Business Development Fund (SBDF).
This will assist aspiring small business owners with the adequate funds to start up their business, or even those small business owners who are having problems obtaining the adequate funds for various aspects of their operations.
In 2021, the Small Business Bureau (SBB) successful distributed 746 small business development grants at a value of $329 million, of which 61 were COVID-19 relief grants valued at $13.4 million. Tourism Minister, Oneidge Walrond previously told Kaieteur News that some 134 grants have already been approved and will be disbursed during this month. The minister previously stated that she is quite elated they were able to distribute so many grants. She further acknowledged that since the SBB was established in 2010 last year held the highest number of grants it has distributed, and at such it is a testament to the hard work and dedication of the staff at the Small Business Bureau.
Furthermore, training will be provided to small business owners in areas including business management, recording keeping, business plan writing, amongst others, which will enhance the capacity of small business owners to effectively develop and manage their businesses. The Government of Guyana (GoG) through the SBB will also establish an e-commerce marketplace for small businesses to market goods and services which will, no doubt, support their resilience, helping to maintain and increase revenue.
Persons who are desirous of applying for a small business grant 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.
Meanwhile it is expected that six Small Business One-Stop Shops, across Regions 1, 5, 6, 7, 8, and 9, are anticipated to be held throughout the course of this year, targeting 500 beneficiaries.

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