The passage of the Guyana Development Bank Bill in the National Assembly on Monday has been met with optimism from entrepreneurs, who believe the legislation will reshape access to financing and create new opportunities for business expansion.
The landmark legislation paves the way for eligible small business owners to access loans of up to $3 million without collateral or interest, addressing one of the most persistent challenges faced by entrepreneurs seeking to invest in or grow their enterprises.
For small business owner Boris Mitchell, the initiative represents a practical solution for many Guyanese who have struggled to secure financing through traditional lending institutions.
“It’s a great initiative by the government. It’s going to help a lot of people…small business owners like myself. It’s an initiative whereby you don’t have to put any collateral down or pay any interest. It’ll be good for society, and I encourage everybody to apply,” Mitchell said.
He said the bank has the potential to widen economic opportunities by making capital more accessible to those with viable business ideas but limited financial resources.
Plant entrepreneur Bibi Halima Shameer also welcomed the initiative, saying the financing would help transform her small venture into a larger operation.
Operating a business that specialises in flowering and non-flowering plants, she hopes to use the support to construct a bigger greenhouse and increase production.
“It’s a good initiative for small businesses, and I will take the opportunity to move forward and see if I get a loan and expand my business more. I want to open a bigger greenhouse,” Shameer stated.
She noted that the programme offers opportunities for young entrepreneurs as well as older Guyanese seeking to establish or strengthen their businesses.
For Keon Hatton, the new financing model could ease the burden of acquiring essential equipment.
“With the bank and the loan that they offer, I will be able to purchase more equipment to expand my work so the business will grow,” Hatton said.
He said the initiative gives entrepreneurs confidence that meaningful financial support is now within reach, allowing them to focus on building stronger and more competitive businesses.