How to obtain a grant or loan through the Small Business Beureau under Micro and Small Enterprise Development Project
To obtain a grant or loan, small business owners must:
Be registered through the Deeds Registry. The Small Business Bureau can help get your business registered.
Employ not more than twenty-five persons
Be involved in sectors or business activities that are not harmful to the environment, especially priority sectors such as farming; processing; aquaculture and low carbon activities such as energy efficient transportation; internet and computer services; entertainment; and arts and craft.
General loan requirements would be those of Republic Bank Ltd. and GBTI for loans as follows:
- Business proposal – if start up business
- Proof of other existing income – if start up
- Financial statements – for at least 1 year (existing business seeking to expand)
- Business registration and relevant licenses and permits (specific to type of activity)
- Evidence of equity contribution – min. of RBL – 25%, GBTI – 10%
- Relevant collateral documents – property, vehicle or deposit account are accepted by banks (must cover min. of 60% of loan in value)
- ID – (age requirement – 18 to 60)
The Small Business Bureau does preliminary assessment based on submission of the above mentioned (viability and associated risks) and send the applicant with a referral letter to the bank of their choice. The bank, based on individual risk assessment upon interviewing client could ask for additional information/documentation.
How to obtain a loan through the Institute of Private Enterprise Development
IPED loan moneys for business development to non-traditional customers – persons and businesses anywhere in Guyana who may not have access to commercial banking. IPED has financed activities in agriculture, fishing, and the service industry, industrial projects and retail/ commercial activities.
- Micro Loans – up to $600,000
- Small Loans – up to $5,000,000
- Medium Loans – up to $20,000,000
- Have a business idea
- Be at least 18 years old
- Have Proof of Identity (e.g. National ID Card or Passport)
- Have Proof of Address (e.g. Utility Bill)
- Be able to demonstrate a personal commitment to the project
- Have two character references
- Provide loan collateral, with proof of ownership
- Provide an equity contribution in cash or kind
- Provide application and legal fees
- Have licences from State Agencies if required by statute (e.g. Shop licence, Food-Handler’s Certificate or Import/ Export licence)
- Have been in business for at least 6 months