Govt allocates $584.2M to assist small businesses

Jan 23, 2023 News

Kaieteur News – The government support for small business development in Guyana this year stands at $584.2 million allocated to the Small Business Bureau (SSB) and $300 million allocated specifically to help small businesses in 2023.

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This was divulged by Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh during his 2023 Budget Speech.

The Industrial Estates and Business incubator centres will serve to foster small business development in various parts of Guyana. This year, the Lethem and Belvedere Business Incubator centres will be fully operationalised and will provide 400 jobs, as well as direct and indirect services.

These centres will also generate income from renting office space and training facilities. The centres will also feature pods for 48 businesses to provide their services to the public. These will also be replicated in various parts of the country.

Some $327.8 million was also allocated for additional lands to continue development at Amelia’s Ward, Linden, and a new industrial estate in Region Two.

Last year more than 1,400 small businesses benefitted from small business grants, which ranged from $150,000 to $500,000.

Apart from issuing grants and loans to small business owners, the Small Business Bureau also provides a wide range of services and training opportunities to help businesses grow.