Twenty-One local small businesses were on Tuesday recognised for their outstanding growth and excellent management, among other achievements, at the Small Business Bureau’s annual award ceremony.
During the award ceremony held at Parc Rayne, Rahaman’s Park, Cordell McClure, the Ministry of Tourism, Industry and Commerce’s communications manager said the businesses have significantly utilised resources and proved their ability to efficiently adapt to the growing economy.
These 21 businesses underwent a rigorous evaluation and selection process undertaken by the Small Business Bureau (SBB).
The awards are seen as encouragement for businesses to grow, boost morale and adhere to standards of micro and small enterprises.
McClure said small businesses drive economic growth through job creation and revenues earned, hence they play a pivotal role in the country’s development.
“We envision businesses utilising these resources to develop innovative approaches, explore larger markets and consequently generate greater revenue for employment opportunities,” McClure said.
Over the last three years, more than $680 Million was distributed to approximately 2,500 small businesses to assist with business expenses.
The SBB is commonly known for its small business grants, loan guarantees and facilitating training sessions for small business enterprises. It is mandated to provide the necessary guidance for these businesses to excel and boost economic growth.
Notwithstanding the challenges that small businesses face, McClure said that micro and small businesses must adhere to, and maintain, due diligence to statutory bodies to ensure they have greater access to resources. He reminded that taxes and National Insurance Scheme contributions for employees must be fulfilled to the relevant agencies.
McClure reminded that businesses that are registered with the SBB also receive support through exhibitions which provides the opportunity for exposure and networking. This support is designed to give businesses access to international markets.
“I encourage each of you to embrace innovation as a critical element of your business strategy.
“I also encourage you to tap into the services of the Small Business Bureau [and] to ensure you are registered with the Bureau to ensure you benefit from the extensive services being offered,” McClure said.
The SBB’s Chief Executive Officer, Mohamed Abrahim said the good performance of these businesses proves that the bureau’s support is efficient and result driven. He said over 3,300 clients received training from the SBB this year and he said that based on their training, the businesses have made significant contributions to the country’s business and agriculture sectors.
“At the small business Bureau, we are driven by a clear mission and vision to enable sustained growth and uniform diversification of micro and small enterprises within local sectors.
“Our goal is to create positive measurable impacts by providing expert guidance effectively channeling resources, fostering comprehensive networking and ensuring a supportive environment for maximized performance,” Ibrahim said.
