Conducive environment led to the creation of thousands of small businesses, contractors

– Jagdeo underscores 

The government has facilitated a series of investments and incentives that have fostered the creation of thousands of small business establishments, demonstrating its commitment to advancing the creation of micro-economic ventures.

Not only are small businesses thriving but more than 2,000 new contracting companies are actively participating in Guyana’s construction boom, whether it be the construction of roads and other critical pieces of infrastructure.

General Secretary of the People’s Progressive Party (PPP), Dr Bharrat Jagdeo highlighted this notable accomplishment during his weekly press conference at Freedom House in Georgetown on Thursday.

Jagdeo emphasised the administration’s implemented incentive regimes and the direct transfers to micro-enterprises have nurtured the growth and establishment of new contracting firms.

He added, “We have [also] done this through co-investment in some areas to allow small business growth, and we have seen a proliferation of thousands of new start-ups and small businesses…we have had about 2000 new contractors who have been bidding below $15 million for small works.”

The government has embarked on a national road improvement agenda, whereby all thoroughfares in villages nationwide are improved and reconstructed.

According to Dr Jagdeo, most of all these works are being conducted by these small contractors.

“This gives them a toehold in the system; they get a small stretch of road to do… You have gone around the country and seen how many people have now been part of this growth,” Dr Jagdeo stressed.

Since the People’s Progressive Party/Civic administration assumed government, it has emphasised creating a conducive environment for small enterprises to thrive, recognising the crucial role it plays in economic growth.

In 2023, the government signed a $100 million loan agreement with the Small Business Development Finance Trust (SBDFT) to provide an additional avenue for financial to small enterprises.

The agreement provided a competitive interest rate of 8 per cent, a huge advantage for small enterprises.

Furthermore, thousands of entrepreneurs received support in the form of grants through the reformed Sustainable Livelihood and Entrepreneurial Development (SLED) programme and the Ministry of Tourism, Industry and Commerce – Small Business Bureau (SBB).

This is in addition to the extensive range of support in place for agriculture, tourism, youth-based, and women-based economic ventures.

So far 30 businesses have benefitted directly from the government’s small business loan through the Small Business Bureau in different areas. Countless are benefiting from training and development too.