– For sustained growth of Small businesses
-by Nakasia Logan
The Small Business Bureau is reporting a 75 percent survival rate among businesses it has monitored over the past six years, with Minister of Tourism, Industry and Commerce Susan Rodrigues crediting the agency’s continued support for entrepreneurs.
More than just providing financial assistance, the Small Business Bureau is working to ensure entrepreneurs have the tools, training and guidance needed to keep their businesses running.
Minister of Tourism, Industry and Commerce Susan Rodrigues says the bureau’s ongoing support is reflected in the survival rate of businesses monitored over the past six years.
“There is a very high rate of survival and sustainability and that I think can be attributed to the ongoing programme that are offered by the SBB. When you go to the small business bureau it’s not only to register business and that’s it, once you are in the database then you are constantly in touch with the bureau that shares all these opportunities,” she explained.
Rodrigues says the focus is not simply on establishing businesses, but ensuring they remain viable, sustain families and contribute to community development.
“We want to see growth, its one thing to have a number of new business startup but its not about the amount of businesses that was opened or started in the last six years, its about how many remain in business and how many continue to support families and community development,” she said.
Rodrigues says the bureau is legally required to visit businesses twice yearly and has conducted more than seven thousand visits over the period, with 75 percent of those businesses still operating.
She says entrepreneurs also benefit from mentorship, business management training, financing opportunities and support to market their products locally and internationally.
Between 2020 and 2023, nearly four thousand small businesses received grants valued at almost one billion dollars total.
Meanwhile, 177 businesses accessed loans through the bureau’s loan guarantee programme, with financing totaling approximately 1.6 billion dollars over six years.
The bureau has also supported 493 businesses to participate in trade expos since 2020, helping entrepreneurs increase their visibility and explore export opportunities.