Small Business Bureau, Small Business Development Fund receives $584.2M

$584.2 million has been allocated to the Small Business Bureau (SSB) and $300 million allocated specifically to help small businesses in 2023, as Government continues to provide tremendous support for small business development in Guyana.

Finance Minister, Dr Ashni Singh made this disclosure during his 2023 Budget Speech.

It was pointed out that Industrial Estates and Business incubator centres will serve to foster small business development in various parts of Guyana. This year, the Lethem and Belvedere Business Incubator centres will be fully operationalised and will provide 400 jobs, as well as direct and indirect services.

These centres will also generate income from renting office space and training facilities.

As such, the centres will also feature pods for 48 businesses to provide their services to the public. These will also be replicated in various parts of the country.

Therefore, some $327.8 million was also allocated for additional lands to continue development at Amelia’s Ward, Linden, and a new industrial estate in Region Two.

It was pointed out that last year more than 1,400 small businesses benefitted from small business grants, which ranged from $150,000 to $500,000.

Additionally, apart from issuing grants and loans to small business owners, the Small Business Bureau also provides a wide range of services and training opportunities to help businesses grow.