The Small Business Bureau has seen a significant response from local small businesses seeking financial relief amidst the new coronavirus disease (COVID-19) outbreak.
Small Business Bureau Chief Executive Officer Dr Lowell Porter told Stabroek News yesterday that the Bureau has seen about 320 local small businesses affiliated with it apply for some financial relief in 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.
The Bureau was granted access to funds specifically allocated to help local small businesses which have been negatively hit by the deadly disease’s outbreak.
Porter explained that the Bureau is currently finalising arrangements for the first group of applicants. This newspaper had previously reported that the applicants would be helped on a first come first served basis.
Porter explained that to fit the criteria, persons had to have been a registered client with the Bureau prior to the global pandemic. These clients can then fill out the survey (found on the Small Business Bureau’s Facebook page), which would be processed and examined to show that the business has faced a negative impact due to COVID-19.
“So far, we have about three hundred and twenty something contacts going in to the final stage… the relief programme is not a giveaway for anybody who wants to show up… it can’t have people come in and say `Oh, I have a business,’” Porter related when asked about the criteria mentioned.
He further explained that to gain access to the Bureau’s help, an account of how the business has been affected because of COVID-19 has to be shown. The laying off of staff, reduced work hours and proof of reduced salaries must be produced as evidence of the business’ loss, Porter added.
Over the past two months, several small businesses in Georgetown have been seriously affected due to the cessation of significant aspects of downtown trading. This has in effect negatively impacted 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.
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.
