Local small businesses affiliated with the country’s Small Business Bureau (SBB) will be breathing a sigh of relief over last week’s announcement that they can anticipate some measure of financial relief from government in the light of the current slowdown of the country’s economy and the attendant reduction in commercial activity arising out of the onset of the COVID-19 pandemic.
Several days before the announcement by the Bureau’s Chief Executive Officer Dr Lowell Porter that the Bureau’s clients will, upon application, benefit from a non-refundable state grant, this newspaper, which maintains a close monitoring relationship with the small business sector, had learnt from some business owners that the strictures associated with the onset of the pandemic had, in some instances, brought trading to a near shuddering halt. Here in Georgetown, where several small business owners dispose of their products through street vending, the cessation of significant aspects of downtown trading have seriously compromised their livelihoods.
The grants, which are almost certain to attract applications from the overwhelming majority of Bureau members are also expected to bring a measure of relief to interior small businesses which, even in better times, are challenged to make their ventures in areas that include craft and traditional jewellery profitable.
Last week, Porter was quoted as saying that the Bureau would be placing particular focus on expediting the disbursement of the grants in order to ensure that recipients benefit from the relief gesture within five days of submitting their applications. Applications, according to Porter, can be completed on-line and disbursements will be made on a first come, first served basis.
According to Porter the decision to provide a grant facility at this time was aimed at responding to the challenges that might confront, particularly, small businesses involved in food production and the manufacture of healthcare-related products, which, for the purpose of the grant, will be treated as essential businesses.
Porter hinted that part of the concern of the Bureau would be to ensure that the grants allocated to the small business owners go directly to initiatives that better position their businesses to be self-sustaining; accordingly, some successful applicants can expect cheques payable directly to suppliers of goods and/or services associated with the development of their businesses.
The Small Business Bureau was established in 2013 under the 2004 Small Business Act. Its primary functions are to implement initiatives and offer services in support of the growth and development of small businesses in Guyana; to investigate and help find solutions to challenges confronting the small business sector including access to financing and business management and technical deficiencies and to promote policies that help foster small business development.
The Bureau has also been assigned the critical task of overseeing small business’ access to a designated 20 per cent of state procurement of goods and services, though the effective implementation of this allocation has, up until now, been stymied by procedural hurdles.
