Several local business support organisations have issued statements supporting the newly launched Guyana Development Bank, noting that the institution addresses longstanding challenges entrepreneurs face.
The Bank offers up to G$3 million in interest-free and collateral-free financing. Its application services are available online, and mentorship will be provided to applicants.
The Georgetown Chamber of Commerce and Industry (GCCI) said: "The introduction of the Development Bank adds a new financing avenue for Guyanese entrepreneurs and small and medium-sized enterprises (SMEs), at a time when access to affordable finance remains an important consideration for businesses seeking to start, expand and strengthen their operations."
GCCI President Kathy Smith has also been selected as Deputy Chairperson of the Bank.
Meanwhile, the Guyana Oil and Gas Energy Chamber (GOGEC) said the bank lends particular support to anyone seeking to establish micro, small, and medium-sized enterprises. It highlighted several key features of the bank:
- Zero-interest and zero-collateral loans: Qualified individuals and MSMEs can access up to G$3 million with no collateral requirements and zero interest, removing high upfront barriers to market entry.
- Co-financing pathways: Through strategic co-financing arrangements between the Government and traditional commercial lending institutions, beneficiaries can unlock up to an additional G$7 million at preferential interest rates, helping establish strong credit profiles.
- Comprehensive business ecosystem: Beyond direct funding, the bank provides technical assistance, business mentorship, capacity-building, and operational guidance to prepare grassroots enterprises to scale sustainably and eventually integrate into commercial banking.
- Nationwide accessibility: A dedicated mobile digital platform ensures micro-entrepreneurs and suppliers across coastal, hinterland, and riverain communities can apply and access capital seamlessly.
President of the Guyana Manufacturing and Services Association (GMSA), Rafeek Khan, noted that the Bank will help empower workers across the country — from farmers to technicians and service providers.
Khan urged all entrepreneurs, and budding entrepreneurs, to get their business documents in order, adding that the GMSA will provide assistance to anyone seeking support.
"Borrow wisely, invest in productivity, and repay faithfully, so that the Bank's resources keep growing and reach the next entrepreneur in line," he said in a statement from the GMSA.
The Bank was launched on Monday, and business groups are urging Guyanese to move quickly. Over the next few weeks, applicants will be able to apply online for the loans needed to kickstart their businesses or expand existing enterprises.
.png)
