Significant production increases of small businesses celebrated
Small and micro businesses that receive financing and training from the Small Business Bureau (SBB) are capable of producing for international markets, the Bureau’s Chief Executive Officer (CEO) Mohamed Ibrahim said on Tuesday.
Ibrahim told a gathering at Parc Rayne, Rahaman’s Park, that the production level of its registered businesses has improved significantly.
“We take immense pride in supporting and nurturing local agro-processors and production data from our incubator is a testament to the thriving innovation and dedication within our small community.
“…the production of flours has been nothing short of impressive.”
He said that there is a diverse range of flours such as banana, cassava, eddo, corn and sweet potato. This year 4,660 pounds of these flours were produced. In addition, 324 pounds of nutrient-rich powders such as split peas, moringa, and turmeric were produced.
“This accomplishment reflects the commitment and hard work of our entrepreneurs who are making some significant contributions to the agriculture sector.
“These products not only showcase the versatility of our entrepreneurs but also contribute to the growing demand for healthy and locally produced products,” Ibrahim said.
There was also a record production of over 52,000 sachets of teabags and 599 litres of virgin coconut oil.
For the Bureau, this means there is potential for the businesses to maximise production and compete on the international market.
Ibrahim said dried peppers and mangoes that have the potential for broader market reach is encouraging.
Over $284 million was dispersed to 21 small business clients through the loan guarantee programme.
He also reminded that 1,400 entrepreneurs will benefit from grant financing amounting to $300 million by year end.
In a bid to deliver on its promise of creating a conducive environment for private sector investment, the government has set aside $584.2 million for the Small Business Bureau and the Small Business Development Fund.