BUDGET 2024: $450M for Small Business Fund; $331M for Small Business Bureau

Budget 2024 continues the government’s commitment to support small businesses with $450 million allocated for the replenishment of the Small Business Development Fund and $331 million allocated for the Small Business Bureau.

According to Finance Minister Dr. Ashni Singh, these monies will support initiatives that grow small and micro business developments and the promotion of entrepreneurship.

But the support doesn’t stop there.

Some 100 loans will be targeted for disbursement and 1,362 grants will be issued in 2024.

“We are supporting the availability of easy credit and grant support, the provision of start-up grants, and the operationalisation of the collateral guarantee programme, to stimulate the growth of small businesses,” Dr. Singh said.

Another $3.3 billion is allocated this year to commence industrial development at Wales, Region Three and advance similar works in Regions Two and Ten.

The government is moving ahead this year with the establishment of business incubators will providing extensive training.

“In 2024, an additional 2, 800 business owners will be engaged for training in specialised business development programmes in five key sectors: apiculture, farming, livestock, poultry rearing, and microenterprise,” Dr. Singh explained.

And there is more support.

The Electronic Single Window for business transactions will come on stream this year with $600 million budgeted for that project; a National Quality Infrastructure laboratory will move ahead with $1.25 billion budgeted for that project and $500 million is budgeted to support the continued construction of the Food and Drugs laboratory.

Dr. Singh said these measures will position small businesses to take advantage of the opportunities that abound.