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History

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 consequences.

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.

The Pan 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.