Baasaron: SRD 25 million pledged for SME Fund

According to the minister, the government is focusing on financing, training and guidance to support small and medium-sized enterprises.

Baasaron explained the plans on Thursday, October 8, in an interview with the Communicatie Dienst Suriname (CDS, Suriname Communication Service). Access to capital is an important need for entrepreneurs, he said. “What they are mainly looking for is money,” the minister said.

The SME Fund, which was established in 2017, is intended to help small and medium-sized entrepreneurs build and further develop their businesses. According to Baasaron, they can borrow amounts through the fund. He said the pledged resources also give the ministry more scope to provide training in Paramaribo and the other districts during the remainder of the budget period.

Training and guidance

The training courses focus, among other things, on setting up a business using a business canvas, through which entrepreneurs develop their business model. In addition, EZOTI is working on legislation intended to support entrepreneurship.

“We have 44 laws on the list. A number of them are extremely important for small, medium-sized and large entrepreneurs. And we are continuously working on them as well,” Baasaron said.

According to the minister, entrepreneurs can register through GOV.SR and EZOTI’s other media platforms and request information on the locations, times and subjects of the training courses.

To improve services outside Paramaribo, the ministry is working to strengthen its branches in seven districts. EZOTI is purchasing, among other things, vehicles, computers, laptops and printers. The facilities at these offices are also being upgraded so that staff can better support entrepreneurs.

Financing dependent on conditions

In addition to the SME Fund, Baasaron mentioned the Productie Krediet Fonds (PKF, Production Credit Fund), which is not managed by EZOTI. According to him, there are various funds where entrepreneurs can go for start-up capital. The ministry also guides them in approaching banks for larger financing.

There is also cooperation with the Suriname Growth Enterprises-project (SURGE). According to the minister, who qualifies for support depends on the conditions of the relevant programme or fund.

When financial support is granted, monitoring takes place to ensure that the money is used for the agreed purpose. Coaches and mentors guide the entrepreneurs in this process.

According to Baasaron, the ministry receives daily requests for support from businesses in a wide range of sectors. He stated that small and medium-sized enterprises represent about 70 to 80 percent of the economic field. The minister therefore stressed the importance of better access to financing, knowledge and guidance, and called on entrepreneurs to continue investing in their own development.