[SOUTH FLORIDA] – In 2017, to recognize the importance of micro, small and medium-sized enterprises in promoting innovation, creativity and decent work for all – and achieving the goals of the 2030 Agenda for Sustainable Development – the United Nations General Assembly declared 27 June to be Micro, Small and Medium-sized Enterprises Day by adopting resolution 71/279
Micro, small and medium-sized enterprises account for more than 90% of all businesses and 70% of jobs worldwide. They play a pivotal role in stimulating economic growth. Plus, providing employment for vulnerable groups such as women, young entrepreneurs, and poor communities.
Celebration
The Guyanese American Chamber of Commerce (GACC) joins with Chambers of Commerce and other business organizations in celebration of this designated day. A day which is intended to focus international attention to the pivotal role micro, small and medium sized enterprises play. Especially in the economies of nations, especially in developing countries.
This year we observe this special day amidst the devastating impact the COVID-19 pandemic has had on the business sector in both the United States and Guyana. Smaller businesses remain most vulnerable to shocks in an economy. Especially caused by pandemics, natural disasters and other downturns in an economy.
Impact of the Pandemic
Agribusiness-small food processors and farmers in Guyana have been particularly impacted by the pandemic. Especially since it has negatively impacted much of their exports to the US market. A market which had been under ‘lockdown’ for quite some time. The small Guyanese American importers, distributors, small grocery stores and restaurants in the US have also been negatively impacted.
Against this backdrop, the GACC has been embarking on consultations with relevant agencies in the US to examine ways in which assistance can be provided to these micro and small business enterprises in both Guyana and the US in their recovery efforts. This is even more critical given the employment opportunities which small and medium sized enterprises generate.
Incubator for Guyanese Agro-Processors
The GACC welcomes the recent announcement of the launch of the Economic Development Incubator and Accelerator initiative. Specifically for Guyanese agro -processors with assistance from the United States Agency for International Development (USAID).
The GACC urges that both the US and Guyana governments seek to enhance their efforts to nurture micro, small and medium sized enterprise development and that financial institutions, inclusive of commercial banks, support the strengthening of the systemic productive capacities among small businesses through the provision of concessional financing.
