Georgetown: In the year 2012, the Institute processed and approved 4,814 applications for loans with a total value of $2.7B for micro, small and medium enterprises, Persaud said the average size of loans processed was G$564K. Approximately 1,000 of these loans were $100K and less.
This was disclosed today at the Institute of Private Enterprise and development (IPED) 27th Annual General Meeting, held at the Savannah Suite, Pegasus Hotel.
In attendance were Canadian High Commissioner, David Devine, Chairman Dr. Yesu Persaud and board of directors of IPED, Russian Ambassador to Guyana Mr Nikolay Smirnov, President of the Private sector Commission Clinton Urling amongst special invitees.
Persaud in his 2012 report noted that this is compared to 5,002 applications processed with a value of $2.4B in 2011 with an average loan size of $479K. Of the applications processed in 2012, 677 were for first time borrowers.
He noted that the number of enterprises that had outstanding credit facilities at the end of 2012 was approximately 3,888 compared to 3,931 in 2011.
It is estimated that the enterprises benefiting from services provided employment for approximately 9,628 persons including the owners based on data supplied by clients.
IPED’s Chairman Dr. Yesu Persaud said fifty seven years ago the Institute started out with the intent of “helping people to help themselves,” by providing loans and technical assistance to entrepreneurs to help them establish and grow their small and micro enterprises.
Back then, he said it was important, not only to provide finance, but it was necessary to rejuvenate the spirit of entrepreneurship amongst people as they were emerging out of an era of State Controlled Enterprises and the failed experimentation with Co-operative Socialism.
The Canadian High Commissioner said a major obstacle for potential investors is the lack of security and the local business community is well aware of this as the insecure environment affects them as well.
He said that a stable political environment, development of infrastructure and maintenance of law and order couple with bold economic policies initiatives by the Government will be the defining factor of economic growth in Guyana.
“These are absolutely the defining factors of economic growth in Guyana, not just in 2013 but in any possible future.” Devine emphatically said.
“Security is a high priority issue not just for Guyana but for the Caribbean and the greater western hemisphere including Canada. Guyana faces a number of security challenges that can only be managed effectively with greater coordination and synchronization of approaches.” Devine underscored “Insecurity is the threat of safety of a nation’s people. Insecurity means persons are vulnerable to the porous borders of their respective country which facilitates transnational crimes, vulnerable to being trafficked to other countries, vulnerable to be co-opted to illicit drug trade, vulnerable to be caught in the cross fire of violent crimes.”
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