In the 1970’s and up to 1985, the State progressively
involved itself in business with the intention of owning and controlling
the economy. This process tended to exclude those who could not fit
into entities or who desired to do their own business. As a result,
unemployment and under-employment grew with grave social and economic
Messrs. Yesu Persaud and W.G. Stoll, two very able
and concerned businessmen, recognized the absolute necessity for a culture
of Free Enterprise, which had been under attack for a generation, to
be re-created. One of the surest ways of recreating this culture was
by stimulating the emergence of small businesses and self-employment.
American Development Foundation (PADF) was approached for funding
and they challenged the founders that they would provide ½ Million
Guyana Dollars if the Guyanese could match that sum. At the same time
the Foundation for International
Training (FIT) was approached and they offered to finance two Counsellors
who were duly installed soon after the institution was established.
IPED was incorporated on 2nd Oct 1985 as a non-profit but not-for-charity
company limited by guarantee.
On 1st April 1986 the Institute of Small Enterprise
Development, as it was then called, opened its doors for business at
240 Camp St., Georgetown with a staff of one – Mr. Jeff Adiken,
who performed the jobs of Manager, Accountant, Counsellor, Project Officer
and Messenger all rolled into one. Soon however, further help was provided
with the number of staff expanding to five in the first year.
With the help and support of the Governments of Guyana,
the United States of America, Canada and the United Kingdom, the Institute
expanded rapidly to be the principal provider of finance and technical
assistance to the small and micro enterprise sector in Guyana today.
To reflect its expanded role, the name of the Institute
was changed on 10th September, 1991 to the Institute
of Private Enterprise Development Ltd.. Since then, the Institute
has moved from strength to strength, increasing the ambit of its loans
and providing training in Management, Accounting, Marketing and Technical
Services to both staff and clients as attested to by its performance.