The government’s 2021 budget may well end up being a missed opportunity to expand the support and nourishing growth of Guyana’s small business sector. To emphasize this point it should be noted that GuySuCo, a single entity, has been allocated some $ 2 billion to resuscitate its viability and ensure its survival. A similar amount should have been included for the Bureau of Small Business (SBB) to help fulfill its mandate and, in particular, to designate at least half a $ 2 billion allocation for ring-fencing financing options for the entire small business sector. Such significant investments would deliver immeasurable rewards for government and the country as a whole.
With many funding constraints placing a burden on our small businesses, the government should not hesitate to propose innovative funding strategies for these initiatives. As well as more funding available to the SBB for its current initiatives to assist small businesses, credit guarantee schemes should be established where the government can act as an intermediary between private sector lenders and lending institutions by guaranteeing whole or partial portions of loans commercial bank.