Dear Editor,
Permit me the opportunity to respond to a number of ill-advised statements concerning government’s support of the small business sector, outlined in the Stabroek News Editorial ‘UncappeD 111,’ of May 3, 2022.
The UncappeD Marketplace, hosted by the Guyana Manufacturing and Services Association from April 30 to May 1, 2022, presented an excellent occasion for the Small Business Bureau (a subvention agency of the Ministry of Tourism, Industry and Commerce), to engage and share information with vendors and patrons, about access to business development opportunities. Specifically, the Bureau highlighted access by startup and existing small businesses to training, sponsorship, grants and loans offered annually by the Small Business Bureau, with funding from Government of Guy-ana. The Bureau’s active participation in UncappeD is indicative of the Government’s commitment to consistently foster small business development and growth, inclusive of access to finance.
In October 2020, the Government increased the maximum amount of small business grants from $200,000 to $500,000., and in 2021 for the first time allocated $250 million to the Small Business Development Fund (SBDF). That is 150 percent increase over the $100 million allocated to the SBDF the previous three (3) consecutive years. Additionally, in 2021 for the first time the Bureau exceeded its annual target by disbursing a total of $329.4 million to 746 small businesses. It is uncertain how these distinct government advancements can be categorised as ‘empty promises,’ ‘lip service,’ or ‘measured handouts.’
Contrary to the Editorial’s narrative of failed attempts to ‘meet the needs of a country-wide small business sector,’ from 2021 the Bureau proactively collaborated with key business development agencies such as the Guyana Revenue Authority and the National Insurance Scheme, to host Small Business One Stop Shops. Aimed at enhancing equitable development and growth of the small business sector, the activity facilitates easy access to business registration and applications for small business financing for persons located in remote communities. To date, 812 persons benefitted from eight (8) Small Business One Stop Shops hosted in remote communities of Regions 1, 2, 5 and 6. These events have resulted in considerable expansion of small business activities in remote communities.
Undoubtedly, there have been notable efforts to enable agro-processing to ‘strive,’ and transform ‘micro and small businesses into more lucrative undertakings.’ Approximately $100 million has been invested in equipment to facilitate processing of indigenous teas, oils, flours and farine at two (2) Business Incubator Centres established at Corentyne and Lethem, Regions 6 and 9, respectively. Both Centres will be commissioned in 2022. In 2021, the number of agro processors registered with the Bureau and those benefitting from small business grants increased by 100 percent and 135 percent, respectively.
Moreover, a total of 3305 businesses are currently registered as approved small businesses with the Bureau; 1265 small business owners from Regions 2, 3, 4, 5, 6, 7, 9 and 10 benefitted from training in 2021, in the areas of Business Plan Writing, and Financial Management and Record Keeping; and in 2021, close to 700 jobs were created by small businesses supported by the Bureau. Reportedly, of the one hundred (100) small businesses that participated in UncappeD Marketplace 2022, thirty-three (33) are registered businesses of the Bureau and have benefitted from grants, loans, training and sponsorship.
Arguably, there is scope for additional support of the growing small business sector, but this must by no means discount the meaningful strides made in meeting the developmental needs of MSEs in Guyana. With support of the Government of Guyana, the work of the Small Business Bureau increased exponentially, and is poised to support MSEs as active participants in Guyana’s booming economic trajectory.
Sincerely,
Shamane Headley (Ms.)
Research and Marketing Officer,
Small Business Bureau