Micro and Small Enterprise Development

Micro and Small Enterprise Development

 Project Timeline

Micro and Small Enterprise Development 1

Quick Facts

Total Project Budget: US$ 5 Million

Partner Entity:Micro and Small Enterprise Development 2 

Implementing Agency: Small Business Bureau, Ministry of Business

Project Background and Summary

This Micro and Small Enterprise Development (MSE) Project aims to address two of the major bottlenecks that constrain the development of MSEs and the ability of vulnerable groups to build alternative livelihoods in Guyana, which are i) limited access to finance and ii) limited technical and business skills.

Access to finance is addressed through a credit guarantee facility; an interest payment support facility; and a low carbon grant scheme to assist vulnerable persons with viable business propositions in low carbon sectors. The Small Business Bureau works with Partner Financial Institutions, currently Republic Bank Ltd. (RBL), Guyana Bank for Trade and Industry (GBTI), and the Institute for Private Enterprise Development (IPED), to facilitate the loan process. With respect to the commercial banks, RBL and GBTI, that are Partner Financial Institutions, the Government of Guyana has granted concessions to these institutions under the project to reduce interest rates to 6% for all loans under the MSE project.

Lack of skills is addressed through a training voucher scheme which will enable MSEs to obtain the skills they require at existing training institutions free of cost to them. The project targets MSEs who are in or who wish to transition to low carbon sectors.

The low carbon sectors identified for funding under the project are: fruits and vegetables (farming and processing); aquaculture; eco-tourism; business process outsourcing; bio-ethanol; energy efficient transportation and logistics; low carbon manufacturing activities; low carbon agriculture and agro-processing; apiculture; low carbon energy production and/or distribution; professional and business services; internet and computer based services; entertainment, music and performing arts; arts and crafts; and publishing and printing.


Status Update

Under the MSE project one hundred and seven (107) loans have been approved for beneficiaries in low carbon sectors at a total approximate value of US$ 2,107,346. Under the grant component of the project two hundred and fifty three (253) grants have been approved for entrepreneurs, including those from vulnerable groups, under the project at an approximate value of US$ 362,287. It is estimated that approximately eight hundred and nineteen (819) jobs have been created and or sustained from these loans and grants.

Additionally, two thousand four hundred and seventy five (2,475) persons have been trained free of cost in several areas, including: basic business management skills, record keeping, packaging and labelling, a special course aimed at female entrepreneurs, climate smart agriculture, videography, photography, cosmetology, cookery, and craft.

Relevant Documents

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Partner Entities   Implementing Agencies
Inter-American Development Bank Small Business Bureau - Ministry of Business
United Nations Development Programme Ministry of Agriculture
United Nations Environmental Programme Ministry of Indigenous Peoples’ Affairs
Food and Agriculture Organisation of the United Nations Guyana Forestry Commission
World Bank  

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Low Carbon Development Strategy

 

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