A vendor, an educator and a snack exporter
-among ten recognised by lending agency
Stabroek News
July 2, 2004
The Small Business Development Finance Trust (SDBF) has recognised ten entrepreneurs for their contributions to the growth and development of their communities.
The ten received awards at the fund's First Annual General Meeting on Monday.
Before the awards were handed out, Mitchell Mabrey, the US embassy's economic and commercial officer told the gathering of entrepreneurs that their efforts could become a driving force in Guyana's economy.
He noted that in the US, 99.7% of all firms are small businesses making up 45% of the US private payroll, creating 60% to 80% of the new jobs annually and representing 50% of the gross domestic product. He also noted that over 90% of the US exports come from small businesses.
Stabroek Business spoke with three of the entrepreneurs to find out how they got started and their plans.
Robin Profitt, who works out of the Vendors Arcade, was awarded the best woman entrepreneur for successfully retailing children's clothing.
Profitt is a single parent with two teenagers and a 9-year-old, who is now making a comfortable living for her family.
Profitt has always loved the field of business and says that even though some days are better than others she decided after her last salaried job to become an employer and not an employee, adding that "when it is your business, you put a lot into it."
Now in her fifth year of selling children's clothing, Profitt was able to diversify into other areas.
She was one of SBDF's first customers and was given a loan of $30,000 by the agency. After paying $15,000, she was lent a further $40,000. With the loans, Profitt was able to diversify from selling children's clothing to underwear and soon will be selling GT&T phone cards.
So who told her about SBDF? Profitt who lives in Charlestown, explained that she walked by the Hadfield Street offices where SBDF is located while on her way home and she noticed a loan agency was being established.
Profitt says she is now making a surplus explaining that she only retails items that can realise a 100% profit. Presently this businesswoman is renting an apartment but will soon be moving into her own home which she began building at Diamond, East Bank Demerara. She also saves by being part of a box hand.
Profitt adds it is important to repay loans on time.
"If somebody lend you something, you supposed to pay it back," Profitt says, adding that she would prefer to deny herself an item and pay her instalments.
Loans at SBDF are required to be repaid in 13 fortnights but Profitt told Stabroek Business that she repaid hers in 6 to 7 fortnights.
Shirley Eastman, of 35 Public Road, Agricola who exports pepper sauce, plantain and cassava chips and syrups made with fruits to PNS Bakery and Restaurant, at 117 Utica Avenue, Brooklyn, New York, received the snack exporter award.
She sends shipments twice a month and hopes to start exporting weekly.
Eastman notes that the loan from SBDF has helped her with the shipping costs.
Her first loan was for $80,000 and she repaid it in three months; her second for $120,000, was also repaid in three months and her current loan is for $150,000 which will be fully repaid in a couple of weeks.
Due to her large orders, Eastman currently contracts production to other snack makers and applies her label, "Shirley's Products."
It's now over a year since Eastman began exporting snacks to supplement her main income which for the last 16 years has come from vending at the Houston Community High School. She has no immediate plans to diversify.
Eastman, who is married and has three children, is now building her own home as a result of this extra income.
A young entrepreneur who saw the need to provide quality education was also awarded.
Fyaad Mohamed, 21, of Mon Repos Housing Scheme received the award for young entrepreneur after he used his loan to complete building the Institute of Professional Education in Grove, East Bank Demerara.
The Grove school provides classes for 100 students from nursery to secondary. Mohamed also has similar schools in Enterprise and Mon Repos, East Coast Demerara with 250 and 350 students respectively. After graduating from secondary school and completing Certified Accountancy Technician(CAT) classes Mohamed decided to create his own employment. Mohamed explained that establishing these schools which now employ 30 persons was based on providing a high quality of education to students.
The first school was opened in 2001 in Mon Repos.