Easier Loan Access for SMEs with New Legislation

Small and medium-sized enterprises (SMEs) in Guyana will find it easier to secure loans following the passage of the Security Interests in Moveable Property Bill 2024. This transformative legislation allows businesses to use movable assets, such as equipment, inventory, crops, and intellectual property, as collateral. By streamlining credit systems and consolidating mechanisms like bills of sale and finance leases into a single framework, the bill fosters financial inclusion and supports SME growth. The initiative received bipartisan support in Parliament and reflects the government’s ongoing efforts to boost entrepreneurship in Guyana. Minister of Tourism, Industry and Commerce, Oneidge Walrond, highlighted the bill as a critical step in unlocking credit opportunities for thousands of entrepreneurs.

Canada to Launch $3M Caribbean Skills Fund

Canada is set to invest CAD$3 million in the Caribbean Future Skills Fund, benefiting young professionals in Guyana and other CARICOM nations. This initiative will focus on technical and vocational training to build a skilled workforce for sustainable economic growth. Canadian Prime Minister Justin Trudeau emphasized the fund's potential to address skills shortages and enhance employment opportunities. The project aligns with Guyana’s developmental priorities and builds on Canada's ongoing support, including the One Guyana Digital Skills Development Program, aimed at fostering a digitally inclusive economy.

Business Opportunities Based On Today’s Developments

Small Enterprises (SEs)

1. Agricultural Technology Services

   • Opportunity: Develop small-scale technology solutions for farmers to enhance crop productivity and resilience. Examples include mobile apps to track crop cycles, IoT sensors for monitoring soil health, or offering drone services for crop surveys.

   • Why Now?: Guyana’s focus on agricultural modernization and crop diversification creates demand for accessible tech solutions. The government’s investments in infrastructure and climate-smart farming techniques also support adoption.

   • Notes: Partner with government initiatives like the centralized "Situation Room" for agricultural data analytics to tailor your solutions to actual needs.

2. Sustainable Packaging for Agricultural Exports

   • Opportunity: Create eco-friendly packaging options for products like rice, coconuts, or aquaculture exports. Consider biodegradable materials or reusable crates.

   • Why Now?: The growth in rice and coconut exports and the government’s emphasis on sustainability present an opening for SEs to cater to environmentally conscious buyers.

   • Notes: Focus on lightweight, cost-efficient designs that reduce shipping costs and comply with international standards.

3. Financial Advisory Services for Moveable Property Collateral

   • Opportunity: Offer advisory or consultancy services to help small businesses understand and leverage the new Security Interest in Moveable Property framework for securing loans.

   • Why Now?: The bill significantly expands access to credit for SMEs, many of whom may need guidance navigating the new system.

   • Notes: Collaborate with local banks to create workshops or one-on-one consultation packages.

Medium Enterprises (MEs)

1. Value-Added Agricultural Products

   • Opportunity: Establish processing units for creating value-added products like coconut oil, flavored rice snacks, or tilapia fillets.

   • Why Now?: Guyana's record-breaking agricultural outputs and focus on exports to CARICOM countries offer a ripe market for processed goods.

   • Notes: Position products as premium goods and explore partnerships with regional distributors in Trinidad & Tobago and Barbados.

2. Modular Construction for Land Acquisition Projects

   • Opportunity: Provide modular building solutions for infrastructure projects enabled by the new Land Acquisition Bill. Focus on temporary or permanent housing for displaced communities or commercial spaces.

   • Why Now?: Streamlined land acquisition will accelerate public and private construction projects, creating demand for efficient and sustainable solutions.

   • Notes: Highlight speed of deployment and sustainability features in marketing to government and private developers.

3. Workforce Training Programs in Future Skills

   • Opportunity: Launch vocational and technical training centers targeting skills aligned with Canada’s Future Skills Fund, such as digital technology, renewable energy, or advanced manufacturing.

   • Why Now?: The $3M Future Skills Fund and ongoing digital skills programs signal a strong need for accessible training centers.

   • Notes: Align training content with industries prioritized by the government and international partners, such as agriculture and ICT.

Large Enterprises (LEs)

1. Renewable Energy Infrastructure Development

   • Opportunity: Invest in large-scale renewable energy solutions, such as solar farms or bioenergy plants, to support Guyana's agriculture sector and industrial expansion.

   • Why Now?: Government emphasis on climate-smart agriculture and rising energy needs from industrial growth present an attractive investment opportunity.

   • Notes: Collaborate with international funding bodies and leverage Guyana’s natural resources for sustainable energy generation.

2. Oil and Gas Ancillary Services

   • Opportunity: Build infrastructure or offer services to support Exxon’s expanding operations, such as logistics, accommodation for workers, or pipeline manufacturing.

   • Why Now?: With production set to increase to 1.7M bpd by 2030, there will be sustained demand for ancillary industries.

   • Notes: Focus on areas where local content regulations apply to gain a competitive advantage.

3. Smart Farming Solutions for Export-Oriented Agriculture

   • Opportunity: Deploy large-scale IoT and AI-driven solutions for commercial farms producing rice, sugar, or coconuts, helping optimize yields and minimize waste.

   • Why Now?: Government investments in smart agriculture and infrastructure upgrades create an ecosystem primed for advanced farming solutions.

   • Notes: Offer bundled solutions combining technology, training, and after-sales support to appeal to large-scale farmers and cooperatives.

Side Hustle Ideas Based On Today’s Developments

1. Micro-Logistics Services for Agriculture and SMEs

• What It Is: Offer transportation and delivery services for small-scale farmers or businesses to get their products to local markets or export hubs efficiently.

• Why It Works: With Guyana’s booming agriculture sector and growing export opportunities, there’s demand for cost-effective, reliable logistics solutions, especially for small producers and new SMEs navigating the export process.

• How to Start:

  • Use a small van or pickup truck.

  • Partner with farmers or SMEs producing rice, coconuts, and aquaculture products.

  • Create a simple booking system via WhatsApp or a Facebook page to manage deliveries.

2. Home-Based Agro-Processing (Value-Added Products)

• What It Is: Produce small-scale, value-added agricultural products such as coconut oil, flavored rice snacks, or dried fruits (e.g., pineapples, limes).

• Why It Works: Guyana’s government is heavily investing in agricultural production, and export opportunities are increasing. Value-added products fetch higher margins and can target local and regional markets.

• How to Start:

  • Invest in small dehydrators or oil extractors (low upfront cost).

  • Use local produce from markets or nearby farms.

  • Leverage social media (TikTok, Instagram) to market the products locally or sell through partnerships with small retail shops.

3. On-Demand Educational Services (Skills Training or Tutoring)

• What It Is: Provide specialized tutoring or skills training in high-demand areas such as digital literacy, agricultural techniques, or vocational skills (e.g., using moveable property as loan collateral).

• Why It Works: With initiatives like Canada’s Future Skills Fund and the government’s focus on skills development, there’s demand for affordable, practical training for individuals looking to grow in the new economy.

• How to Start:

  • Conduct one-on-one or small group sessions at home or online.

  • Focus on trending areas like digital literacy, English for business communication, or farming best practices.

  • Charge per session or offer packages.

Notes for Success

• Leverage social media and word-of-mouth marketing to grow your audience.

• Focus on high-quality service to build trust and repeat customers.

• Start small and scale gradually as demand grows, keeping initial costs low.

These ideas cater to Guyanese workers looking to capitalize on the country’s expanding economy while working within their existing schedules.