$300M in SBB grants to assist 800 small businesses

In an attempt to stimulate the growth of small businesses and budding entrepreneurs, the
National Assembly approved government’s proposed $300M for the Small Business Bureau’s
(SBB) Development Fund.
Tourism, Industry and Commerce Minister, Oneidge Walrond, speaking on the floor of the
Assembly’s Committee of Supply, assured the body that the budgetary allocation will be spent in
a transparent and accountable manner. “We have a very robust application process, as well as
follow up with the small business applicants, and when they are given their grants, we also
continue to do training and developmental training,” Walrond said,
She continued, “We have methods of verification. We do site visits before the grants are given.
Project proposals are done. The invoices have to be submitted for the exact amounts… It is a
very robust system of verification.”  The minister while noting that the bureau, over the past year
has been made history in meeting its grant distribution targets, she revealed that 2000
entrepreneurs will benefit from training opportunities to enhance their businesses in 2022.
Minister Walrond disclosed that the training programmes will cover areas such as business plan
writing, small business management, record keeping, WhatsApp for business, financial
management, and marketing, among others.
Walrond pointed out that since 2020, the SBB Fund has grown by $200M. she added that in the
2020 and 2021 budgets, $100 million and $250 million were approved, respectively. Budget
2022 is themed: “Steadfast Against All Challenges, Resolute in Building Our ‘One Guyana’.”