Over $50M small business grants given to 200 Region Two residents

Some $50M in grants from the government, to either establish or expand their business to make a viable living was awarded to over 200 small entrepreneurs along the Essequibo Coast. Vice President, Dr. Bharrat Jagdeo officially launched the financial support drive on Wednesday, at the Rice Producers Association Bond, Anna Regina, Region Two.

The Vice President explained the approach is part of the administration’s vision to further stimulate economic growth, ensuring that wealth is created nationwide. Dr. Jagdeo noted that some regions have major challenges of attracting investments and successful businesses. He said that government has taken note of the issue and immediately laid out a strategy to resolve them countrywide.

The former President noted that some regions are successful than others, due to the geography and infrastructural capacity. Dr. Jagdeo referenced Regions Three and Four, which boast thousand of jobs and other economic activities, due to the oil and gas industry and the subsidiary investment. The VP said because of the number of opportunities in those regions, there is even labour shortage. “In those regions, we don’t have to do much to stimulate investment, we just have to create the framework which we have done,” Dr. Jagdeo stressed.

The VP reiterated that the intention is not only to render assistance, but also work with the small business owners, providing guidance in different aspects for them to become successful. Further, he said that the administration will follow-up to ensure that the beneficiaries are using the funds constructively.

“Because the last thing we want to do is give people the money and then they don’t even make an effort to start a business that they said they will start. We want to move to the Essequibo Coast and other parts of the country, the technical capability to help people to grow the business environment, this is crucial,” Dr. Jagdeo declared. He continued, “Not everyone may succeed at the end of the day, because its hard sometimes to start a new business activity in many parts of the country. But we want to see that effort and we will be working with you.” 

The VP disclosed that already, over $1B has been injected in Region Two’s economy, with the government already making available some 2, 000 part-time jobs to residents there. He added that the move is also geared at stimulating the income of persons who have been severely hit by the rising of cost of living, due to the ongoing COVID-19 pandemic and the Ukraine- Russia war.