Small businesses have accessed approximately $1.6 billion in commercial loans over the past six years with support from the Small Business Bureau (SBB), and more than half of the 177 beneficiaries are women-owned, Minister of Tourism, Industry and Commerce Susan Rodrigues has disclosed.
Speaking on the Starting Point Podcast, Rodrigues said the bureau’s loan guarantee programme helps entrepreneurs secure financing by covering a portion of the collateral required by banks and other private financial institutions.
The programme supports loans of up to $30 million, providing a route to financing for businesses that need assistance meeting lenders’ security requirements.
“We have supported 177 small businesses to access those loans that are up to $30 million, and I think at a total value of $1.6 billion in the last six years. And by the way, more than 50% of these businesses are women owned,” Rodrigues said.
According to the SBB’s published guidelines, its Credit Guarantee Programme offers collateral coverage of up to 40 per cent for first-time borrowers and up to 70 per cent for repeat borrowers. Republic Bank Guyana Limited and the Guyana Bank for Trade and Industry Limited are the participating institutions responsible for approving and disbursing the loans.
Applicants must be registered with the bureau and provide supporting documents, including business registration, tax identification and valid Guyana Revenue Authority and National Insurance Scheme compliance documents. The process includes an assessment and business site visit by the SBB before referral to a participating bank.
Rodrigues said financing was one part of the bureau’s wider support for entrepreneurs, which also includes training, assistance with standards and opportunities to showcase products.
She pointed to an earlier grant programme through which close to 4,000 small businesses received grants worth almost $1 billion. She placed that support in the period between 2020 and 2023.
The minister also reported that 6,511 new small businesses had registered with the SBB since 2020. She cautioned that this figure reflected the bureau’s registrations, rather than every business established nationally during that period.
“I’m sure many more have been established in that time, but these are businesses that are registered with the Bureau,” she said.
Another area Rodrigues highlighted was sponsorship for participation in exhibitions. She said 493 businesses had received support to attend expos since 2020, helping them gain exposure and reach potential customers.
“It’s important for them to get that visibility because we want to grow our manufacturing sector and we want to grow our export sector,” she said.
Rodrigues said preparing businesses for larger markets required more than promoting their products. Owners also needed training, stronger business practices and assistance meeting national quality standards and compliance requirements.
“So while we promote small business at home, we’re helping them to really upscale their businesses so that they can compete,” she said.
