In a move to boost the small business sector and foster economic growth, the Guyanese government has announced a substantial financial injection into the Small Business Development Fund and increased support for the Small Business Bureau.
The details were shared in the latest Republic Bank-sponsored Business report.
Finance Minister Dr. Ashni Singh highlighted the crucial role that small businesses play in improving livelihoods and employment within the economy.
As part of the 2024 National Budget, the government aims to provide more financial support for initiatives that will promote the growth of small and microbusinesses.
In the upcoming fiscal year, the government plans to disburse 100 small business loans and issue 1,362 grants across the country.
This targeted financial assistance aims to empower entrepreneurs and stimulate economic activity at the grassroots level.
To enhance the capacity and competitiveness of small businesses, the government will continue establishing business incubators and offering extensive training, coaching, and mentorship programs nationwide.
These initiatives are designed to provide essential support for entrepreneurs, fostering sustainable business growth.
In addition to direct financial support, the government has allocated $3.3 billion in the 2024 budget to initiate industrial development in Wales and advance works in regions 2 and 10.
These efforts contribute to the construction, rehabilitation, and upgrade of industrial estates across the country, creating a conducive environment for small businesses to thrive.
Several strategic initiatives are also in the pipeline, including the Electronic Single Window for Trade Transactions, the National Quality Infrastructure Laboratory, and the Food and Drugs Laboratory.
These projects are expected to facilitate trade and ensure quality standards, providing a conducive ecosystem for the growth of small businesses.
The comprehensive approach outlined in the budget underscores the government’s commitment to promoting entrepreneurship, creating employment opportunities, and fostering economic development at the grassroots level.
The support for small businesses aligns with the broader vision of building a resilient and inclusive economy for all citizens.