June 30, 2022

INFO 10

THE TRUTH IN BLACK AND WHITE

SBB registered businesses to benefit from Government Contracts

Some of the entrepreneurs participating in the two-day training exercise

Business registered with the Small Business Bureau  (SBB), will soon benefit from 20% of government contracts, as the agency is preparing to roll out its 20% procurement programme. During a two-day training programme at the Watooka Guest House in Linden, Simon Pollard, Finance Officer attached to SBB, told INFO 10, that small businesses are encouraged to register with the agency, which will enable them to be empowered in many ways. The training programme aimed at empowering small business owners to become financially literate, with a focus on financial management and record keeping.

 A total of 55 persons were trained from different outlying areas in Region 10, who owned poultry and livestock operations, construction, clothing, small scale manufacturing, commercial cleaning services, amongst other types of businesses.  

Some of the basic record keeping skills taught were budgeting, financial statements, the purchase creditors’ and debtors’ ledger and the cash book and cash flow statements. Entrepreneurs who attended the training expressed, how it benefited them. One entrepreneur said, “the training was excellent, I always wanted to learn the information shared, now I can do business a little more professionally.”

Pollard encouraged the entrepreneurs to strive to be effective financial managers. ” When you are doing business, manage your finances strategically, stick to your plan. Only flex if it is absolutely necessary. Avoid drawing from the business for personal use.”

The SBB has a help desk located at the Linden Mayor and Town Council to assist small business owners who wish to register their businesses with them. Entrepreneurs registered with the agency will benefit from training, business financing through loans and grants and administrative support services. This is in addition to assisting with marketing the entrepreneurs’ products through the procurement programme. To register your business with the SBB, documents required include Identification Card, NIS, TIN, Business Registraion, GRA and NIS compliance.  Government employess do not have access to the SBB grants but can access their loans.