The Ministry of Business along with the United Nations Development Programme (UNDP) and the Government of Chile, opened a three-day workshop yesterday aimed at helping the rural poor to develop business plans.
GINA said that this initiative, which is funded through the Chile Fund against Hunger and Poverty, seeks to enable approximately 50 individuals from entrepreneurial backgrounds along with disadvantaged women and unemployed youths.
It will allow them to benefit from grants which are provided through the programme and the Ministry.
According to UNDP Country Representative, Khadija Musa, the project will provide a leeway for small enterprises to access financing.
GINA said that the Ministry of Business will provide an additional grant to the participants upon completion of the workshop. This is not inclusive of the grant which the UNDP will be giving to the participants.
Musa voiced hope that at least 50 jobs would be created from this initiative. This will allow individuals to be their own boss as well as to employ others as their businesses expand.
Meanwhile, Minister of Business Dominic Gaskin expressed his appreciation to the agencies partnering to make the workshop a success.
He also welcomed the incoming Ambassador from Chile, Claudio Rojas Rachel. The Minister, alluded to the strong bonds that the two countries share, noting that an air service agreement which was recently agreed by the two countries will further strengthen this bond.
According to the Business Minister, this project is expected to see ten enterprises benefiting from a grant of US $5000 each. He said, “We understand that although small businesses might not generate as much profits as large companies, they are critical to, and a major contributor, to most economies in the world, and Guyana is no different. Small enterprises present new employment opportunities and serve as building blocks for all regions in the country.”
Recalling that the 2015 Budget was recently presented in Parliament, the Minister pointed out benefits which target the small business sector. He noted that business transactions would be enabled by a Single Window System for which the foundation is now being laid. This would allow faster processing of documents and help to level the ‘playing field’, so that small businesses are not sidelined, he said.
Emphasising on the “20% Procurement Initiative” which provides for at least 20 per cent of all Government contracts to be awarded to small businesses, the Minister said that this is a priority for his ministry, thus it is expected to take effect as early as January 2016.
Gaskin said, according to GINA, that where small businesses are concerned there will be help in the form of loans, grants, and training, since the immediate goal during 2015, is the creation of over 400 new jobs, training hundreds of businesses, and the release of tens of millions of dollars in affordable financing. He added that training is also a key priority for the government since awarding 20% of the contracts to these entities would require their capacity to be up to standard.
