Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698075624109.pdf (Guyana)
SMALL BUSINESS BURAU ANNUAL REPORT 2016 TABLE OF CONTENTS: Acronyms and Abbreviations Transmittal Letter to the Minister of Business Chair Person’s Review Introduction Policy and Reform Agenda PART 1: Progress made in addressing developmental issues and streamlining administrative procedures relating to small businesses PART 2: Initiatives by Government to facilitate access to financing by small businesses PART 3: Status of procurement by Government from small businesses in 2016 Recommending of fiscal incentives to small businesses PART IV: Audited financial statement 1 ACCA Association of Certified Chartered Accountant ACRONYMS AND ABBREVIATIONS ADF Amerindian Development Bank BDS Business Development Programme CDB Caribbean Development Bank CDP Cluster Development Programme CEO Chief Executive Officer GAPA Guyana Agro-processors Association GBTI Guyana Bank of Trade and Industry Go-Invest Guyana Office of Investment GRA Guyana Revenue Authority GRIF Guyana REDD+ Investment Fund IMF International Monetary Fund IPED Institute of Private Enterprise Development IDB Inter-American Development Bank LCDS Low Carbon Development Strategy MOU Memoranda of Understanding MSED Micro and Small Enterprise Development MSMEs Micro, Small and Medium Enterprises NPTAB National Procurement and Tender Administration Board PFIs Partners Financial Institutions PTIs Partners Training Institutions RDC Regional Democratic Council SBB Small Business Bureau SBC Small Business Council 2 SBDF Small Business Development Fund SMEs Small and Micro Enterprises VAT Value Added Tax WADNET Women’s Agro-processors Development Network 3 TRANSMITTAL LETTER TO THE MINISTER OF BUSINESS The Honourable Dominic Gaskin, M.P.
Ministry of Business 229 South Road, Lacytown Georgetown Guyana Dear Minister, The Small Business Council (SBC) greets you and has the honour to submit for your attention and subsequent presentation to the National Assembly, the Annual Report on Small Business Bureau for the period January 1, 2016 to December 31, 2016.

Section 4(1) (c) of the Small Business Act No.

2 of 2004, mandates that submitted report covers the following: 1.
Progress made in addressing developmental issues and streamlining administrative procedures relating to small businesses 2.

Initiatives by Government to facilitate access to financing by small businesses 3.

Status of procurement by Government from small businesses in 2016 and recommendations of fiscal incentives to small businesses 4.

Audited financial statement Statements of receipts and payments are also attached.
Best regards, Valrie Grant Chairperson Small Business Council 4 CHAIRPERSON’S REVIEW The Small Business Council (hereafter referred to as the Council) was appointed and commenced its work in August 2016 and therefore had only five months in 2016 to undertake its work.
The key task of the Council was to set the strategic direction for the Small Business Bureau (hereafter used interchangeably with SBB and the Bureau) and guide the SBB’s strategy in a way that laid down the preconditions for meeting the mandates as stipulated in the Small Business Act of 2004.

The board therefore convened for 5 statutory meetings for the period and also held an extra-ordinary meeting to define the strategic direction of the Bureau.

Key Strategic areas of focus were: a.


Small Business Procurement Programme b.

Small Business Policy and Administrative Reform Agenda c. Register for Approved Small Businesses d. Small Business Development Fund e. Business Incubators f. SBB Resource Centre g. Public Awareness The Council oversaw strategy execution and reviewed the governance model employed by the SBB to ensure effective management both in our external engagements and internal management practices.
The Council commissioned the review and strengthening of an Accounting Policy and Procedure Manual to assist in strengthening the governance framework of the Bureau.

The Council and SBB started the preparation of a National Entrepreneurship Strategy.

5 Recognizing that the mandate of the Bureau stretches to the far flung areas of Guyana there was a concerted marketing effort by the Bureau to reach areas of the Hinterland Regions, not previously serviced.
These areas included Cuyuni-Marzaruni, Potaro-Siparuni and Upper Takutu Essequibo.

The SBB also participated in several entrepreneurial seminars and initiatives.

The SBB website was also launched in November 2016.

These public awareness initiatives saw 2395 new registrants to the Bureau from across the ten regions of Guyana in 2016.

The SBB in partnership with CUSO International, Georgetown Chambers of Commerce (GCCI) and GeoTechVision signed a MOU to establish a Business Incubator.
Additionally, the Bureau also started plans for the establishment of two (2) Industrial Incubators.

During reporting period the Bureau continued to administer the Micro and Small Enterprises Development (MSED) Project seeing the approval of loans for sixty-three (63) businesses - which amounted to $237,743,000.

The Grant Committee also approved seventy-three (73) Grants totaling $21,900,000.
Through the grant scheme and mutual guarantee scheme approximately three hundred and seventy-three (373) jobs were directly created and/or sustained.

In 2016 the SBB established training agreements with several training partners.

Through these arrangements coupled with internal resources, a total of one thousand, three hundred and fifty-three (1,353) persons were trained across Guyana, in various areas including business management fundamentals and hands-on technical skills training.
In 2016, the SBB benefited from recruiting three (3) additional staff members, a Finance Officer; a Junior Research Officer and a Procurement Officer.

The process for recruiting a CEO also began.

Staff members participated in various local and regional “Training and Development Initiatives” geared towards enhancing skills and workflow efficiency.

There was also a staff development/retreat session for all members of the SBB, held in December 2016.
Outlook Entrepreneurship is one of the most important drivers of job creation and economic growth, and is crucial for the development of a vibrant formal small and medium-sized (SME) business sector.

It enhances productivity growth and can also help find practical business solutions to social and environmental challenges, including climate change.
Currently, many of the entrepreneurs in Guyana can be classified as necessity entrepreneurs, that is, individuals that are pushed into entrepreneurship because they have no better alternatives for work, reflecting the scarcity of decent wage-labour opportunities in the economy.

Despite the importance of entrepreneurship there does not exist a National Entrepreneurship Strategy or direct policy to support entrepreneurship.

The Small Business Council therefore had as priority for 2017 the following: 1.
Small Business Policy and Administrative Reform Agenda a.

Small Business Procurement Policy b.


Promote research and development within the Small Business Sector c. Optimizing the Regulatory Environment by developing standards for the management of the Small Business Sector; 6 d. Enhancing Entrepreneurship Education and Skills Development e. Continue the public private sector approach to managing the sector f. Facilitating Technology Exchange & Innovation g. Improving Access to Finance h. Promoting Awareness and Networking 2.

National Entrepreneurship Strategy a.


Identify specific opportunities and challenges b.

Define strategies to achieve specific goals and reach specific target groups c. Develop and prioritize actions d. Align entrepreneurship strategies with overall development strategy and other private sector development strategies e. Manage interaction and create policy synergies f. Strengthen the institutional framework and capacity building g. Measure the results and ensure policy learning.
It is our belief that these measures will assist in building the entrepreneurial Ecosystem in Guyana and thus help the SBB to better deliver on its mandate.

Conclusion I must now thank the hard working, committed members of the Council for their time, talent, and expertise during the five months of service in 2016.

On behalf of the Council, I also want to thank the staff of the Bureau for their steadfast commitment to advancing the small business sector in Guyana.
The successes of 2016 were only possible because of strong partnerships with the Financial Institutions, the Training partners, the Inter-American Development Bank (IDB), Civil Society, the NGO Community, Private Sector, the media, other agencies and Ministries.

In view of this we thank all our partners and supporters!
We are particularly proud of our clients who make full use of the support from the SBB to create innovative solutions and grow their businesses thus contributing to economic growth and development.

The team at the Small Business Bureau looks forward to continuing to serve the small business community even better in 2017!
7 INTRODUCTION Established under the supervision of the Small Business Council, the Small Business Bureau is a semi- autonomous Government agency that was created to fulfill and execute the mandate set out in the Small Business Act No.

2 of 2004.
The Bureau is required to fulfill its mandate through four distinct functional areas: • Access to Financing for Small Business, • Entrepreneurial/Business Development Services, • A guarantee and commitment of 20% Government procurement from small businesses, • And advocacy - (Policy and regulatory review for the assessment of their impacts on small businesses) The Small Business Bureau’s strategic focus and objectives are as follows: • To raise the visibility of small businesses and the SBB • To make it easier for small businesses to access government services and permits • Policy advocacy for an improved environment for small businesses • To implement programs to encourage small businesses to grow and develop, providing more value- added and jobs • To serve as a point agency for expertise and data on small businesses • To establish and facilitate sector clusters and networks for business development and innovation The Bureau’s work programme is guided by the following subheads or sub-programmes: • Administration and Policy Development – (within the Council & Bureau) • Training & Education • • Promotion of policies and programmes for small businesses • Business & Technical support Information Gathering, Visibility & Awareness The Small Bureau has implemented and manages a US$5m project which provides training and access to finance for small businesses.
This is called the Micro and Small Enterprise Development Project (MSED) and is funded through GRIF.

Under the Small Business Act No.

2 of 2004 (Part 2), the Small Business Bureau is managed by a Council appointed by the President and comprising not more than eleven (11) persons.
The composition the Small Business Council members are as follows: • A Chairperson, recommended by the Minister responsible for small business • A representative of the Ministry responsible for small business • A representative of the Ministry responsible for Finance • Four (4) persons being members of legally constituted and functioning bodies or organisations recognized as representing small businesses in Guyana.
8 • One representative of a financial institution, other than a company licensed to carry on banking business under the Financial Institutions Act 1995, designed by the Minister as a financial institution providing significant financial assistance to small businesses • One (1) person nominated from the organization representing bankers • Two (2) other persons from other business disciplines of specific geographic areas • The Chief Executive Officer of the Small Business Bureau, who shall serve as secretary to the council and shall not have voting rights.
Responsibility of the Small Business Council • To review draft legislation proposed by the Government relating to small business or to matters of the private sector and economic development in which small business may become involved and submit comments thereon to the Minister as expeditiously as possible; • To prepare and submit annually to the Minister, a Small Business Policy and Administrative Reform Agenda, including recommendations for the addressing of developmental issues, the granting of incentives to small businesses and the facilitation of measures affecting them; • Prepare the Annual Report on Small Business in Guyana for submission to the Minister, not later than 90 days after the end of each financial year; the report shall contain information on: i. ii.
iii.

iv.
v. Progress made in addressing developmental issues and streamlining administrative procedures relating to small business Initiatives by the Government to facilitate access to financing by small businesses The status of procurement by the Government from small businesses The granting of fiscal incentives to small businesses; and Statistics relating to the small business sector • To maintain a register of approved small businesses under this act • To supervise, manage and give directions to the Small Business Bureau • To establish contact and linkages with other organisations, both local and overseas, with similar goals and objectives • To pursue legal and lawful courses in the furtherance of the goals and fulfilment of this Act.
The operations of the bureau follow a structure, which incorporates key personnel from the subject Ministry, Council and Bureau.

POLICY AND REFORM AGENDA The Small Business Council started to look at the Policy Reform agenda.
Given the time that the Council took office in 2016 with only a few months, the Council looked at the general framework of the policy and determined that any policy developed will: 1. be broadly focused – The Policy will be holistic and encompasses all components of the entrepreneurial ecosystem 2.

Allow for natural growth– Build on existing industries that have formed naturally within the country 9 3.
Identify new industries from that will benefit Guyana and encourage and promote opportunities in these sectors 4.

Provide leadership but delegate responsibility and ownership to entrepreneurs 5.

Develop policy that addresses the needs of both the business and its management team There was therefore a recognition that the policy should be built on an understanding of the current entrepreneurial situation in Guyana.
The Council thus embarked on the research to support the policy reform agenda as well as a national Entrepreneurship Strategy.

This policy and Strategy will therefore form a major part of the Small Business Bureau’s work plan for 2017.

PART 1: PROGRESS OF THE SMALL BUSINESS BUREAU IN ADDRESSING DEVELOPMENTAL ISSUES AND STREAMLINING ADMINISTRATIVE PROCEDURES RELATING TO SMALL BUSINESSES.

The year 2016 was a period of transitions and transformations for the Small Business Bureau.
One such transition was the introduction of a new Small Business Council in August 2016.

With the support and management of the council, alliances previously formed, were strengthened and new programmes introduced to foster business development in Guyana.

In this regard, a MOU was signed for the establishment of a Public/Private Business Incubator between the Ministry of Business/Small Business Bureau, CUSO, Action Coach and GeoTechVision.
Once in operation, the incubator would serve as a nest for small businesses to be birthed and mature for an agreed period, with support and guidance from experienced and supportive teams.

Further, registrants of the bureau from outlying regions such as 1 (Barima -Waini), 7 (Cuyuni-Mazaruni) and 9 (Upper Takutu-Upper Essequibo) benefited from MOUs previously signed with the National Insurance Scheme (NIS, Guyana Revenue Authority (GRA) and the Deeds Registry.
This allowed the bureau to facilitate the acquisition of TIN Certificates, NIS Registration and Business Registration documents for persons within the aforementioned regions.

Additionally, a major part of the bureau’s work programme for 2016 was to ensure entrepreneurs in all 10 administrative regions had access to the bureau’s services.

As such, an aggressive awareness campaign was carried out in the outlying regions of 1, 7, 8 and 9.
This enhanced the bureau’s database of registrants from 2097 in 2015, to 2395 at close of 2016.

10 # Registrants per Year Total 6530 # Registrants per Year Total 2037 2098 2395 8000 6000 4000 2000 0 2014 2015 2016 Total Figure 1: Comparison of total registrants for 2014, 2015 and 2016.

Image 1: Participants at an awareness session at Moco Moco, Region 9.

For the year 2016, the number of businesses registered with the Small Business Bureau increased by 297.
Records also indicate, more female headed businesses were registered with the bureau, while the highest ranked business sectors of the period were Professional and Business Services, Cultivation of Fruits and Vegetables and Low Carbon Agriculture and Agro-Processing.
# Registrants by MSED Sector Apiculture Aquaculture Arts and Craft Bio-ethanol Business Process outsourcing 1 64 69 0 1 11 Eco-Tourism Energy efficient transportation and logistics Entertainment, music and performing arts Fruit and Vegetables-Farming and Processing Internet and Computer Based Services Low Carbon Agriculture and Agro-processing (excluding livestock) Low Carbon energy production and/or production Low Carbon Manufacturing Activities Professional and Business Services Publishing and Printing Sustainable forestry and wood processing Sustainable Mining Undecided Total 7 0 38 480 21 327 0 92 895 27 19 1 353 2395 As anticipated, the greatest number of registrants for the year 2016 was from region 4.
However, Regions 1 and 9 recorded significant numbers of registrants, which is testament to the interest of persons in hinterland communities to access business development services.
# Registrants by Region Region 1 - Barima Waini, Region 2 - Pomeroon-Supenaam, Region 3 - Essequibo Islands-West Demerara, Region 4 - Demerara- Mahaica, Region 5 Mahaica-Berbice, Region 6 - East Berbice - Corentyne, Region 7 - Cuyuni-Mazaruni, Region 8 - Potaro-Siparuni, Region 9 - Upper Takutu- Upper Essequibo Region 10 - Upper Demerara-Upper Berbice Blanks Total 403 146 66 463 247 261 63 38 361 274 73 2395 Table 5: 2016 registrants by Region 12 The Small Business Bureau took additional steps to address developmental issues for small businesses in Guyana, which included seminars and opportunities for sponsorship.
Seminars ➢ The Small Business Bureau collaborated with CUSO International, Georgetown Chamber of Commerce, and GeotechVision, to organise a business incubation seminar titled “The Business Incubation Process: Building an Ecosystem for Micro and Small Entrepreneurs in Guyana.” This event was held on 2nd June, 2016 at the Arthur Chung Convention Centre.
Opened to the public, the seminar was packed to capacity, with members of the private sector, particularly start-up businesses, seeking information to capitalize on the service.

Image 1: SBB staff assisting a participant of the event to register with the Bureau Image 2: Participants engaged by presenters of the event.
➢ Twenty-Five (25) young entrepreneurs from varying backgrounds, across the country were invited to participate in a week long collaborative training workshop titled Business Labs, for young, potential/existing entrepreneurs, facilitated by MASHAV-Israel’s Agency for International Development Cooperation, Ministry Of Foreign Affairs, Jerusalem, The Golda Meir Mount Carmel International Training Centre (MCTC) in cooperation with YABT- Young Americas Business Trust- Organization of the American States and the Small Business Bureau.
The aim of the workshop was to provide young entrepreneurs and potential trainers with guidance and support to generate viable and innovative ideas to start and develop new businesses.

The business lab stimulated innovation and generated entrepreneurial initiatives through practical exercises and interaction sessions with the participants.
Many of those young entrepreneurs were so encouraged by the programme, they registered with the Small Business Bureau to access the services offered for business development.
13 Image 3: Facilitators, participants and well-wishers of the Business Lab Image 4: Participants engaged by facilitators of the programme ➢ Entrepreneurs and stakeholders were invited to a joint seminar organised by the Georgetown Chamber of Commerce, CUSO International, GeoTech Vision and the Small Business Bureau on 19th November 2016, in observance of Women Entrepreneurship Day.
The event was aimed at “Fostering Entrepreneurship and Celebrating Women in Business.” Directly, the purpose of the seminar was to promote further discussions with entrepreneurs and stakeholders on the topic of Business Incubation and some of the benefits that can accrue from the process.

Panelists included experts from Guyana and the Caribbean, while the event also served as a mini exhibition of successful female entrepreneurs in Guyana.
Further, the seminar served a dual purpose of being the launch platform for the Small Business Bureau’s Website, which was unveiled by the Officer-in-Charge, Ms. Gillian Edwards and endorsed by Chairperson of the Small Business Council, Ms. Valrie Grant.
Images 5 and 6: Scenes from the seminar, including Ms. Gillian Edwards, presenting the Small Business Bureau’s Website to the gathering 14 Sponsorships The Small Business Bureau in an effort to realize the principles set in the Small Business Act 2004, has undertaken to provide business support in the form of sponsorships.

This takes the form of cash donations for participation in events, acquiring of products or services or opportunities to attend developmental sessions locally and overseas.
The following highlights clients who were sponsored in 2016 and the respective events.

It is recognized however, there must be a specified sponsorship amount fixed in the Marketing budget annually to cater to this need, which creates an opportunity for clients who may not qualify or be interested in the other financial options available at the Small Business Bureau.
Client Business/Organisation Name Sector Activity/Event Date of Sponsorship Aishalton Village Council Other LindenTechnical Institute Mehanics Aishalton Annual August Games Graduation: Best Graduating Student of Fittings and Mechanics 22nd August May Patricia Helwig Jack Farley Melba LaGoude Leisa Gibson Patricia Helwig Patricia Helwig Deborah Mathias Jenell Pierre BowJay's Deborah Mathias Arts and Craft Market Day Trade Fair 3rd and 4th May Arts and Craft Suriname Expo and Trade Fair 25th Nov to 1st Dec Arts and Craft Market Day and Trade Fair 3rd and 4th May Agro-Processing Market Day and Trade Fair 3rd and 4th May Arts and Craft Berbice Expo 19th to 22nd August Arts and Craft Cre8ive Holiday Arts, Craft and Music Festival 9th to 24th December Jewelry Craft Jewelry Coconut Festival 21st to 23rd October Bow Jay's Anniversary Event 13th August Guyana Fashion Week 12th to 13th November Athalyah Yisrael Fun Park Rentals Children Activity Jason Brandon Jason's Ugalo Creations Craft Marlloyd Kyte Carol Fraser Indigenous Heritage Exhibition Berbice Expo 1st September 19th to 22nd August Clothing Design Coconut Festival 21st to 23rd October Ruth Johnson Sensillo Creations Event Planning Event Planning Workshop 11th September Rae Monae Craft Craft Show Eon Rodney Entertainment Sprinkle the Blood Gospel Concert 3rd September 15 PART 2: INITIATIVES BY GOVERNMENT TO FACILITATE ACCESS TO FINANCE BY SMALL BUSINESSES.
The Government of Guyana has facilitated access to entrepreneurial financing through several programmes managed by various government ministries and agencies.
These include the Ministry of Education’s Youth Entrepreneurial and Skills Training (YEST) Programme, the Ministry of Indigenous Affairs’ Hinterland Employment and Youth Service (HEYS) Programme and the Sustainable Livelihood and Entrepreneurship Development (SLED) Initiative, among others However, as directed by the Small Business Act of 2004, the Small Business Bureau facilitated access to financing for small businesses, under the Micro and Small Enterprises Development Programme (MSED).
This programme has been managed by the Small Business Bureau since 2014 and has ensured access to financing for small businesses under two (2) components: Loans and grants of up to $30,000,000 and $300,000 respectively.

➢ LOAN AND GRANT DISBURSEMENT BY THE SMALL BUSINESS BUREAU-2016 The Small Business Bureau, through the MSED project has been able to assist SME entrepreneurs with loans and grants.

This has been an ongoing service from 2014, and will conclude in December, 2017.
Through this programme, the SME sector has received a boost, with the creation of jobs, access to finance and collateral guarantee.

The number of persons who have benefited and the total monetary value secured through loans and grants are noted in the following tables.

LOANS Loans issued to SME clients at the bureau, are facilitated through an agreement with Republic Bank (Guyana) and Guyana Bank for Trade and Industry (GBTI) Limited.
Loans Distributed by the Small Business Bureau: A Comparison of the period 2014 to 2016 Total 2014 to 2015 Total Jan. to Dec. 2016 Region Approved Disbursed Jobs Approved Disbursed No.

Amount M F No.
Amount M F No.

Amount M F 0 3 5 $0 $1,900,000 $38,241,000 0 2 4 25 $113,008,000 16 0 2 0 0 2 0 $0 $6,700,000 $0 $0 $12,000,000 $0 0 2 0 0 1 0 0 1 1 9 0 0 0 0 1 0 0 3 5 $0 $1,900,000 $38,241,000 0 2 4 24 $101,008,000 15 0 2 0 0 2 0 0 2 0 0 1 0 $0 $6,700,000 $0 $0 $12,000,000 $0 $159,849,000 $774,087.17 0 1 1 9 0 0 0 0 1 0 No.

Amount 0 2 7 $0 $1,300,000 $17,425,000 M 0 2 6 F 0 0 1 No.
Amount M 0 2 7 $0 $1,300,000 $15,475,000 0 2 6 F 0 0 1 Jobs C 0 2 P 0 0 17 12 46 $210,114,000 25 21 45 $142,057,613 25 20 121 87 1 1 1 0 1 4 $1,600,000 $2,220,000 $600,000 $0 $987,000 $3,497,000 1 1 1 0 1 2 0 0 0 0 0 2 1 1 1 0 1 4 $1,600,000 $1,263,757 $600,000 $0 $987,000 $3,497,000 1 1 1 0 1 2 0 0 0 0 0 2 2 0 1 0 2 8 0 0 2 0 1 0 C 0 2 15 76 0 10 0 0 5 0 P 0 7 18 77 0 6 0 0 4 0 Total Total USD 37 $171,849,000 $832,198.55 25 12 36 24 12 108 112 63 $237,743,000 $1,151,297.82 39 24 62 $166,780,370 $807,653.12 39 23 153 102 Table 6: Comparison of Loans Approved and Disbursed by Administrative Regions: 2014-2016 16 Loans Comparison:2014- 2016 $1,200,000.00 $1,000,000.00 $800,000.00 $600,000.00 $400,000.00 $200,000.00 $- 2014-2015 Approved Disbursed 2014-2015 $832,198.55 $774,087.17 2016 2016 $1,151,297.82 $807,653.12 Table 7: Loan Comparison-Approved vs. Actual Disbursement: 2014-2016 The Bank of Guyana also recorded MSME loan transactions for the financial year, 2016.
(Please note, the Bank’s report includes information up to September 2016.)

The Bank of Guyana’s Micro Finance Sector’s Financial Performance Report, compiled from the reports of the Institute of Private Enterprise Development (IPED) and the Small Business Development Trust (SBDF) notes a 6.2 percent decrease of loans for 2016, while the Small Business Bureau’s records indicate a 38% increase of loan transactions for the financial year.
The total value of loans for the micro finance institutions was G$2,213 million, while the Small Business Bureau total loan portfolio was valued just over G$237 million.

➢ GRANTS SME clients with start-ups or existing businesses can benefit from a grant of no more than three hundred thousand dollars ($300,000), under the MSED project.

The issuing of these funds is dependent on the clients’ successful completion of a business plan, inclusive of a six (6) month cash flow projection.
Grants issued by the bureau during the period 2014 to 2016, may be viewed below.

17 Grants Disbursed by the Small Business Bureau: A Comparison of the period 2014 to 2016 2014 Region Approved 2015 2016 Jobs Approved Jobs Disbursed Approved Jobs Disbursed No.

M F Amount C & P No.

Amount C & P Amount No.
M F Amount C & P Amount $0 $2,400,000 $300,000 $3,229,000 $1,200,000 $0 $0 $0 $0 $300,000 TOTAL 25 12 13 $7,429,000 8 1 11 4 1 25 M 0 17 2 14 11 7 0 0 0 0 0 28 11 44 15 27 11 F 0 $0 11 $8,400,000 9 $3,300,000 30 $12,283,298 4 $4,500,000 20 $8,100,000 0 0 0 $0 $0 $0 0 42 11 45 15 34 0 0 0 $0 $7,311,240 $3,600,000 0 2 5 0 2 3 $14,554,230 43 20 $4,923,230 14 $8,041,800 $0 $0 $0 3 0 0 0 6 5 3 0 0 0 2 0 0 2 2 3 9 0 0 0 0 4 3 8 $0 $600,000 $1,500,000 0 3 7 $0 $2,180,652 $600,000 $12,900,000 68 $9,772,102 $4,200,000 22 $2,977,655 $900,000 $0 $0 $0 7 0 0 0 $658,200 $0 $0 $0 $1,800,000 11 $1,097,655 $21,900,000 118 $17,286,264 11 $3,200,000 11 $3,489,840 136 51 85 $39,783,298 158 $41,920,340 73 35 TOTAL USD $35,975.79 $192,655.20 $203,004.07 $106,053.27 $83,710.72 NB: No grant funds were disbursed in 2014 Table 8: Comparison of Grants Approved and Disbursed by Administrative Regions: 2014-2016 Another major initiative was the initiation of discussions for the Youth Entrepreneurship Programme, among the Ministries of Public Security, Education and Business, through the Small Business Bureau.
The programme will guarantee access for entrepreneurial training, financial support and capacity building for youth in vulnerable communities, across Guyana.

➢ TRAINING For the first time in the Bureau, the Training Officer facilitated training to over one hundred (100) participants via collaboration with the Ministry of Education and the Rotaract Club of Georgetown.

The Ministry of Education’s group consisted of their Youth Entrepreneur Ambassadors, who were trained on the topic of Youth and Business.
This was mainly a train the trainer workshop, and consisted of youth ambassadors from several regions.

These ambassadors will be utilized as facilitators in future sessions for training other youths from the regions.

The Rotaract Club’s youth training targeted young persons who needed guidance on developing their entrepreneurial ability.

Region 1 Port Kaituma 18 Total training coordinated and or facilitated by the Training Department 2016 Training Course No.
of Persons Trained Caribbean Hair Loss (Trinidad) Cake Decorating Floral Arrangement Graphics Design Cosmetology Team Building Water Treatment and Basic Sanitation Action Club/Training in Business Management Life Improvement Fabric Design Photography Videography Cookery Sewing Leathercraft Audio/Record/Music Sound Apiculture Orchard Establishment Small Business Management Nursery Establishment and management Venture Out Women Business Plan Writing Repair and Maintenance of Small Equipment Climate Smart Agriculture 19 2 10 15 15 15 15 15 25 30 30 30 30 30 30 30 30 35 35 70 70 90 240 245 350 1487 Training by course 2016 Training 2016 2 10 15 15 15 350 15 15 25 30 30 30 245 240 70 90 70 30 30 30 30 30 35 35 Caribbean Hair Loss Floral Arrangement Cosmetology Water Treatment and Basic Sanitation Life skills Photography Cookery Leathercraft Apiculture Small Business Management Venture Out Women Cake Decorating Graphics Design Team Building Action Club/Training in Business Management Fabric Design Videography Sewing Audio/Record/Music Sound Orchard Establishment Nursery Establishment and management Business Plan Writing Training by Region 2016 TRAINING BY REGION 400 300 200 100 20 PART 3: STATUS OF PROCUREMENT BY GOVERNMENT FROM SMALL BUSINESSES IN 2016.
The Procurement Act (2003) provides for small businesses in Guyana to access government contracts.

As such, the Small Business Bureau has met with representatives of the Ministry of Finance, Ministry of Business, the Small Business Council and other stakeholders to implement the provisions set forth in the Act.

However, there are concerns relating to some contrasts between the Procurement Act (2003) and the Small Business Act (2004), which will require constitutional amendments.
Nevertheless, discussions will continue to ensure the smooth implementation of the Procurement Act, which will provide an opportunity for small businesses to be guaranteed, access to government contracts.

While work is being done on the development of the Small Business Procurement Policy, The Small Business Bureau encourages, ministries, and other government agencies to buy from small business.
RECOMMENDATIONS OF FISCAL INCENTIVES TO SMALL BUSINESSES The Small Business Bureau, through the Research department, the Small Business Council and the Ministry of Business, has recommended fiscal incentives for small businesses in Guyana.

These incentives play a pivotal role in the strengthening of the country’s economy by boosting the growth of the small business sector.

Currently, under the MSED programme, the government of Guyana provides small business grants of $300,000 maximum, to small businesses.
This is mainly provided for start-up businesses, but may be extended to existing businesses based on their needs.

This incentive has led to the creation and resuscitation of many micro and small businesses in Guyana.

Incentives which have been proposed were: • • Tax breaks for start-up businesses for at least 5 years of operation • Reduced duty concessions for small businesses 21 AUDITED FINANCIAL STATEMENT PART IV: 22 23 24 25 26 27 28 29 30 31 32