Small business workshop opens in Berbice

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October 11, 2012 By admin

Guyana needs small and medium-sized businesses if prices are to be kept stable, Berbice Chamber of Commerce and Development Association (BCCDA) President Imran Saccoor said. His comments came as he addressed businesspersons at the opening of a two-day seminar for small and medium-size enterprises on Wednesday.

Berbice Chamber President Imran Saccoor

According to the chamber president, small businesses help to create competition. The workshop aimed at assisting potential and small business persons to develop the skills needed to successfully expand their business. Among some of the topics to be discussed over the two days include the factors which could influence and affect small businesses, and ways and means of investing.? Apart from investment opportunities, there will also be a session on the business climate, where participants will have a chance to learn of the advantages of knowing when to invest and when it may be more advantageous to make changes and divest. ?The chamber?s president noted that at the end of the programme, it is hoped that participants will be able to access financing for projects that they may want to undertake.

?We are hoping that we will be able to work with at least 15 of the 35 participants so that they can develop. We will work with you for six months and by then you should be able to continue on your own,? Saccoor said.He also took the opportunity to call on the University of Guyana to implement programmes for small entrepreneurs.Region Six Chairman David Armogan said in order to reap the benefits of economies of scale, small businesses must group together. ?Grouping can also assist with the acquisition of land.? According to the regional chairman, the gap between borrowing and lending at commercial banks is too wide. ?You go to borrow money from the bank and they tell you that you have to pay back at a rate of 11 per cent, but when they have your money, they only give you one per cent interest. Something needs to be done about this; it is not fair.?? Saccoor, himself a bank manager, agreed with Armogan on this point, but defended the banking industry, saying that banks take a risk when they give a loan.
The high interest rate is to compensate for the risks banks take. However, Armogan argued that the way forward is for the setting up of investment banks, especially for persons who want to invest in the agriculture sector.? But Saccoor noted that there is a 50 per cent risk in that sector as a disease can affect the investment, and investors could be at the losing end. Georgetown Chamber of Commerce and Industry President Clinton Urling said owning a business has many benefits if managed successfully.
?It gives you great freedom and flexibility to set one?s own agenda and work schedule; the financial returns can be good; you contribute to national building through job creation, provision of goods and services, tax payment and overall wealth creation and economic development.? Trade and Tourism Ministry Deputy Permanent Secretary Dhaneswar Denarine declared the work shop opened, and said it is a timely initiative.

Source: http://www.guyanatimesgy.com/?p=1578

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