Small business owners on Thursday were awarded $1 million each by the SBB for their innovative business strategy in the Green Business Technology Fund Programme.
The Small Business Bureau (SBB) provides funding and support under the Green Business Tech-nology Fund to local environmentally sustainable, creative and innovative businesses. The fund which provides a maximum of $1 million, was made available to 20 successful entrepreneurs to develop and expand activities critical to the development of innovative green business ideas and solutions.
At a brief ceremony held at the SBB’s Peni-tence Street, Georgetown, offices, Chief Executive Officer, Lowell Porter, told the awardees that they have the full support of the Ministry of Tourism, Industry and Commerce as they continue on their journey to develop their business. He also advised these business owners to support each other.
“You have our support. You have the support of the Ministry of Tourism, Industry and Commerce. You have the support of each other. I want to encourage you to work together. It is something that doesn’t happen often in Guyana. We all are trying to reach the same place and if you can’t work together we all will perish together,” Porter exhorted the entrepreneurs. He noted that in 2018 when the fund was approved, there were a total of 12 applicants and six were awarded. The following year 12 applicants submitted and eight were successful, but last year a total of 85 businesses applied and 20 were selected. He said that it is believed that persons had more time to focus on planning and creating ideas because of the lockdown caused by the coronavirus pandemic.
Congratulating the winners on behalf of the Minister of Tourism, Industry and Commerce, Oneidge Walrond, was John Edghill who is the Director of Business at the Ministry. “Today we are not just giving you one million dollars. We are investing in ideas. We are investing in innovation that is sustainable and uses green practices. Continue to think outside of the box and continue to have ideas to bring change in Guyana.” He said that there is not a plethora of innovation in Guyana but these entrepreneurs have aided in providing innovation that is both sustainable and is done with green practices, as well. He noted that it is a noble step taken by them.
The Director also reiterated Porter’s comments, adding that the Ministry and the government are very committed to small business development and consider them as partners. “You are partners and Minister Walrond has said countless times that the private sector and you who have businesses [and], ideas, are our partners in development. We are here to support you.” He assured that the Ministry will increase access to finance and increase entrepreneurship skills development to all entrepreneurs, both budding and potential. He said this will continue to be done through the SBB and other agencies under the Ministry’s remit.
The general criteria for the Green Business Technology Fund include having new ideas which present solutions to challenges or needs for a product or delivery of a service. The solution must include the use of either a software application, development of a prototype and or the use of green energy. Applicants can be a startup business or existing business venture which fits the profile of Small Business as defined by the Small Business Act of 2004. Persons wishing to apply can visit https://sbb.gov.gy/about/ for further information.
