High interest rates on loans ‘killing’ small businesses

- IDB says as it pours $147M to train 300 micro business owners

The Inter-American terms of market reach, financing growth of Development Bank (IDB) is increased sales and microenterprises in Guyana expected to provide Guyana profitability, and higher that is piloted in Guyana. with US$700,000 ($147M) levelsofbusinessresilience. Importantly, US$725,000 is tohelpsupportthegrowthof K a i e t e u r N e w s t o b e i n v e s t e d i n 300 microenterprises across understandsthatthemodelis reimbursablegrantfinancing the country via the delivery structured to include three for microenterprises by the of skills training and key components: (i) piloting Economic Development mentorship It will also of a system of reimbursable FundInc. include the provision of This newspaper reimbursable grant understands that EDF is a resources of up to Guyana-based business US$5,000 for 145 of accelerator that, since these businesses to 2019, has provided catalyse and finance their training, technical growth. support and coaching

Itshouldbenotedthat from international a private Guyanese firm experts,aswellascapital, dubbed the Economic to support the scaling of Development Fund Inc. high growth potential ( E D F ) , w i l l b e s t a r t - u p s a n d grants for high growth complementing the IDB’s microenterprises in Guyana. potential microenterprises; efforts with US$1,074,979 The organization is an