The Government has committed more than G$20 billion to financing through the newly operational Guyana Development Bank (GDB), with Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, describing the initiative as a major opportunity to expand entrepreneurship and productive activity across the country.
Dr Singh, speaking during an interview on Monday, said the funding programme is designed to go beyond providing access to credit. He said the broader objective is to help Guyanese establish viable businesses, create sustainable livelihoods and build enterprises capable of growing over time.
The minister said the GDB is expected to provide entrepreneurs with a pathway from starting a small operation to eventually becoming established participants in the wider financial system.
He said the initiative could generate a new generation of businesses and contribute to a significant transformation of Guyana’s private-sector landscape.
Dr Singh pointed out that many of the country’s larger and more established businesses began on a relatively small scale, demonstrating the potential for small enterprises to develop into substantial commercial operations.
He said the programme is therefore intended to give entrepreneurs an opportunity to turn business ideas into productive ventures, provided they are prepared to develop and manage those ventures effectively.
The GDB’s role will not be limited to lending. According to Dr Singh, borrowers will also have access to mentorship, coaching, training and capacity-building services intended to strengthen their managerial and entrepreneurial skills.
He said this combination of financing and business support is important because access to capital alone does not guarantee the success of a business.
The Senior Minister stressed that the Government intends to work alongside entrepreneurs by providing the necessary support, while responsibility for the performance and sustainability of each business will ultimately rest with its owners.
“You have a partner in this government. We’re going to provide you with all of the support that we can,” Dr Singh said.
Another feature of the new system is the introduction of an online application platform. Entrepreneurs can use the digital service to submit loan applications, monitor their progress and manage their financing throughout the loan cycle.
The availability of an online process is intended to reduce some of the barriers traditionally associated with accessing financing and allow small-business owners from across Guyana to engage with the bank without having to make repeated visits to its offices.
Applicants who prefer direct interaction will also be able to request face-to-face appointments with the bank.
Dr Singh urged prospective beneficiaries to approach the programme with commercially viable ideas and a clear plan for how financing would be used to generate sustainable economic activity.
He said entrepreneurs should view the availability of financing as an opportunity to build businesses that can expand, create employment and eventually operate successfully within Guyana’s broader financial and commercial environment.
The establishment of the GDB represents another component of the Government’s effort to widen access to financing for small businesses, particularly those that may face difficulty accessing conventional sources of credit.
With more than G$20 billion earmarked for the programme, the Government expects the bank to help unlock the potential of small entrepreneurs while contributing to the expansion and diversification of Guyana’s private sector.