Editor,
The Friday Stabroek Business (SB) supplement and its editor, Mr. Arnon Adams, must be commended for the excellent focus on bringing to life real stories of our successful small and micro businesses in Guyana. SB has for many years been a fierce advocate for small business growth and development and it’s commendable that there is no remission in that regard.
Small businesses in Guyana face momentous challenges, and these are continuously exacerbated by the COVID-19 pandemic. Some identifiable challenges are: drop in demand, hardships, closures, bottom line shrinkages, layoffs, uncertainty, and expansion standstill. The focus of government’s relief measures are currently aimed at households, and the public sector via the Central Bank to allow commercial banks to assist its clients. However, a lot more still needs to be done to help small businesses under stress from the COVID-19 disruption and wreckage.
The government should consider the following:
-Allocate a percentage of GDP towards the establishment of a low cost small business credit facility
-Short-term business tax cut measures for 2020 and 2021
-Financing facility to help small companies avoid job cuts and preserve payroll
-Establish a dedicated facility (or the enlargement of the Small Business Bureau), under the Ministry of Business, for business and entrepreneurship training, capacity building and development for businesses receiving COVID-19 credit
-Robust awareness programme throughout the country highlighting what support is available to small businesses
Because of their critical role in job creation and growth, protecting and enabling small businesses during this period of economic turbulence is important. Their survival and recovery is pivotal for the economy as a whole.
Yours faithfully,
Clinton Urling
