$300M budgeted for Small Business Development Fund

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A significant $300M has been budgeted for the replenishment of the Small Business Development Fund as government continues to recognise the importance small businesses play in growing the local economy.

Finance Minister Dr Ashni Singh reminded that in 2021, the Small Business Bureau (SBB) successful distributed 746 small business development grants at a value of $329 million, of which 61 were COVID 19 relief grants valued at $13.4 million.

“Additionally, we introduced the country’s first-ever Small Business One-Stop Shop in Region 2, which rendered assistance to 111 persons, helping them to register their businesses, secure NIS compliance and with other related business transactions,” he noted.

In 2022, the Finance Minister said further training will be provided to small business owners in areas including business management, recording keeping, business plan writing, amongst others, which will enhance the capacity of small business owners to effectively develop and manage their businesses.

He said government will also establish an e-commerce marketplace for small businesses to market goods and services.