Speaking at the ceremony, Communications Manager at the Ministry of Tourism, Industry and Commerce, Cordell McClure restated the government’s commitment to supporting small businesses.
“Tonight’s awards ceremony is meant to encourage growth, boost morale, and ensure adherence to standards by micro and small enterprises through incentives and commendations,” McClure stated.
According to him, over the last three years, the government has issued approximately 2,500 grants valued at over $68o million. Some 61 loans valued at $569 million were also guaranteed through partnerships with financial institutions.
The communication manager noted that while the SBB is commonly associated with Grants Loan Guarantees and training facilitation, it is crucial to understand the broader objective.
“Grants are meant to serve as a launching pad, or perhaps start-up initiative or incentive, and loan guarantees offer competitive interest rates to facilitate business expansion by providing access to much-needed capital,” he stated.
McClure explained that the ministry’s support and investment are geared towards realising growth in the small business sector, and envision businesses utilising the resources to develop innovative approaches, explore larger markets and consequently generate greater revenue and employment opportunities.
Further, he highlighted that the government has supported small businesses to attend major expositions in the Caribbean Region and South America, to help them gain exposure to tap into international markets.
Since 2020 more than 7,000 clients have been trained in several areas, to build the capacity of small businesses and contribute to a more robust sector.
The awardees expressed gratitude for the help they received from the SBB in developing their businesses and the recognition of their achievements.
