Thirty-five small business owners from Region Four communities including Friendship, Diamond, Industry, Golden Grove, Sophia and Kuru Kuru on Wednesday received grants from the Small Business Bureau (SBB) of $200,000 each to further their entrepreneurial ambitions.
At a simple ceremony held at the Bureau’s La Penitence offices, SBB Chief Executive Officer Dr Lowell Porter told the grant recipients that the grants should be seen as part of the wider incremental support for the eventual growth of their respective enterprises.
The recipients of the grants currently operate businesses across several sectors including agro-processing, groceries and beverages, cosmetology, bakery, cash crop farming, art & craft, janitorial services and poultry rearing.
After the handing over ceremony some of the recipients told the Stabroek Business that the grants would afford them the opportunity to make a modest investment in initiatives that would take their businesses forward. Several young businessmen and women were among the recipients of grants.
Grants are allocated to small business owners and persons seeking financing to support the starting of a business and are registered with the SBB but would not qualify for conventional bank loans because of perceived risks and an absence of any noteworthy credit history. The Bureau provides grants of up to $300,000 and these are awarded following the submission of a sound business plan as well as quotations/estimates from recognised suppliers to support details of how the grant funds are being spent. The submission of the business plan and estimates is followed by site verification visits and the subsequent preparation of reports along with recommendations which are submitted to the grant committee.
The Grant Committee is made up of designated officers from the Bank of Guyana, Ministry of Finance, and the Ministry of Business, among others.
