By Indrawattie Natram
Tourism, Industry and Commerce Ministry Deputy Permanent Secretary Dhaneshwar Deonarine has announced that persons with environmentally-friendly business ideas can source financial support at low interest rates from the ministry.
Addressing scores of businessmen and women at a workshop on Wednesday at State House, Anna Regina, Essequibo Coast, Deonarine said through the Small Business Act, the government is moving to provide incentive regime and support programmes for small businesses.
On this note, he said the Small Business Bureau (SBB) and the Small Business Council (SBC) were established, with the latter acting as an oversight and advising body to the bureau.
The bureau, he said, is responsible for fulfilling the mandate of the Small Business Act, noting that the vision is to develop the micro and small business sectors to its optimum, enabling them to move from subsistence to commercial levels, thereby linking them to the mainstream business economy.
He said the SBB has been offering its services to the public through business management training, export workshops, guidance on formal business registration and facilitation to attend trade shows and exhibitions.
Region Two Chairman Parmanand Persaud lauded the ministry for bringing the initiative to the region, noting that it will be of great help to budding young entrepreneurs.
Mutual Guarantee Fund Manager Gillian Griffith said the SBB’s main focus is to facilitate the expansion of business development services and promote self-sufficiency and sustainability initiatives for small businesses through the upcoming Low Carbon Micro and Small Enterprise Development Project (LCMSEDP).
Assistance will be provided in areas such as farming, processing, aquaculture, eco- tourism, business process outsourcing, bioethanol, low carbon activities, energy efficient transportation, apiculture, Internet and computer services, entertainment, arts and crafts, publishing and printing and vulnerable groups.
To obtain funding, collateral guarantees are needed as the SBB will guarantee up to 40 per cent of the collateral requirements of the banks.
The SBB will offer a maximum of five per cent subsidy on interest rates for loans.
Persons who do not qualify for loans because of perceived risks will be eligible for a grant. Technical and business management skills training will be provided.
