A Business Support Desk, which was conceptualized and funded by the Inter-American Development Bank (IDB) and is being facilitated by the Private Sector Commission (PSC) has been operationalized.
The move comes as the Georgetown Chamber of Commerce and Industry (GCCI) observes National Small Business Week.
The Business Support Desk is intended to increase the access to finance and foster sustainable growth for Small and Medium-sized Enterprises (SMEs).
The Business Support Desk Project Manager, Jared Kissoon, told reporters today that the desk was set up to respond to the challenges facing SMEs in accessing finance.
“In response to the outcry from the Private Sector, particularly small businesses, with regards to the inability to access finance in Guyana to grow their businesses, the Inter-American Development Bank did a study, and in consultation with both small businesses, large businesses and lenders, what we found is that there is a disconnect. The small businesses, while they do say that, finance is hard to access, the main answer is, from the lender, is that these guys aren’t bankable, they are not investable , they are not prepared to access finance and therefore they are too high risk,” Kissoon explained.
Kissoon said the Business Support Desk is therefore intended to bridge the gap between SMEs and financial institutions.
“Our unique value proposition is to empower Guyanese businesses operating outside of the oil and gas sector. We want to achieve success by providing tailored capacity business services facilitating strategic partnerships and offering innovative market responsive solutions, through direct engagements and strategic linkages with financial institutions and business service providers that have been listed by the Inter-American Development Bank and Private Sector entities,” Kissoon explained.
President of GCCI, Kathy Smith, said SMEs should seize the opportunity to access and benefit from the services being offered by the Business Support Desk.
“The opportunity is there for 50 businesses, who have a good idea, consider themselves bankable – and also by the way, the IDB desk is willing to work with them to ensure they are bankable – once they have a good, a great idea, and they can get the opportunity to be finance,” Smith said.
The Business Support Desk is expected to be featured during GCCI’s Small Business Seminar and Expo billed for August 9 at the Arthur Chung Conference Centre (ACCC).
The GCCI President said small businesses continue to contribute significantly to the country’s economy, and on August 9, more than 40 businesses would be on display.
“Small businesses, as we have seen in Guyana, have become the life blood of this economy, and I will boldly say that because those are the businesses that are hiring thousands of Guyanese, and other nationals that are coming in legally, and getting an opportunity to work. Small businesses are filling the gap of supply chain and we are noticing them being more sustainable, they are becoming more innovative, quite diverse. We are talking about women in business, youth in business,” Smith said.
National Small Business Week is being observed from July 28 to August 9 under the theme “Building Sustainable Future for SMEs”.
Smith said as part of the two weeks of activities for Small Business Week, 15 students have started “Teenternship” at 13 companies across the city.
During the internship, the students are being exposed to the tenets of entrepreneurship, and are being equipped with the skills and knowledge to kick start their own businesses.
Additionally, between August 4 and 8, two workshops will be held in Georgetown and Berbice on label designs and small business management, quality management, financial management and record keeping, marketing fundamentals and standards.
Brava – a next generation solutions provider, and the Guyana Bank for Trade and Industry (GBTI) are among the businesses sponsoring the week of activities.
You must be logged in to post a comment Login