A total of 111 business owners in Region Two applied last week to access grants through the Small Business Bureau (SBB).
Acting Chief Executive Officer of the SBB Vanessa Thompson told Sunday Stabroek that the applications were made during a “One Stop Shop” hosted in Region Two, from August 9 to August 11, by the Ministry of Tourism, Industry and Commerce, in collaboration with the SBB.
According to Thompson, the activity, which was the first of a series, was a grand success. She said Region Two was chosen after it was recognized that in 2020 only one business benefited from a grant from SBB. Having seen that the region was left behind, the ministry decided to ensure that opportunities are created for small businesses there.
The “One Stop Shop” was hosted at the Essequibo Technical Institute (ETI) boardroom and saw applications being made for grants by 51 small businesses from Anna Regina as well as 20 and 40 from the Wakapau and Akawini, respectively. Applicants only needed their ID, TIN, and business registration documents to start the application process for the grants.
Thompson said that the waiting time for applications will not be more than 6 weeks.
Last Wednesday, Minister of Tourism, Industry and Commerce Oneidge Walrond handed over cheques worth $7.4 million in total to 15 previous applicants from the region.
According to Thompson, persons seeking to access the grants must have a business registration along with the Guyana Revenue Authority (GRA) and National Insurance Scheme (NIS) compliance certificates.
“What we found in remote communities is that these services are not available and so we have collaborated with the Deeds Registry, GRA, NIS… they all have representatives here today… we have our staff here also assisting persons to register their business,” Thompson said.
Those persons who have registered businesses can apply for the financial support from the SBB and grants are available up to 500,000 and loans up to $30 million.
“We recognised that in remote communities that there are limited job opportunities so for us persons starting their small businesses provide opportunities for themselves to get employment [and] for others in their communities as well,” Thompson observed.
Decentralising
Meanwhile, Director of Business Entrepreneurship of the Ministry of Tourism Industry and Commerce John Edghill said that the ministry recognised that the process for applying for financial support takes some time, hence its move through the “One Stop Shop” to expedite and decentralising services for remote areas.
“We want to improve the efficiency of the ministry’s services. We know that it takes some time. We have decided to bring all the key agencies one place to make it easier… so to access the monies from SBB, you have to go through the correct process and that is what we are encouraging,” Edghill said.
Edghill added that the ministry has also recognised that lots of businesses suffered economically during the pandemic and most of them were forced to shut down or even lay off staff and as so the grants serve as a financial injection back into the economy. He said the ministry is also aiming to formalise businesses as he noted that many persons just register their businesses and do not pay the necessary taxes.
Businesses registered with the SBB are able to access financial support, training opportunities, mentoring/coaching, and administrative support.
