President Dr Mohamed Irfaan Ali is encouraging Guyanese who access financing from the newly operational Guyana Development Bank (GDB) to approach the opportunity with discipline, responsibility and a clear plan for growing their businesses.
In a message to prospective borrowers, the President emphasised that the funds provided by the institution are loans and that responsible repayment could help entrepreneurs establish a strong credit record and gain access to larger financing opportunities in the future.
“With this opportunity comes responsibility. You must understand [that] this is a loan. You’re going to be entrepreneurs,” President Ali said.
He said successful participation in the programme would require more than simply securing financing. Borrowers must be prepared to work consistently, manage their finances carefully and take advantage of the mentorship and training opportunities available through the bank.
The President said developing a positive credit history could eventually demonstrate to conventional financial institutions that an entrepreneur has the capacity to manage larger levels of financing.
“Commit to building yourself a credit rating that will take you to the next level. That will demonstrate to the financial system that you are ready. You are capable. And once given the opportunity, you are built for success,” he said.
President Ali said the GDB is intended to widen access to financing for groups that may have experienced difficulty accessing traditional sources of credit.
Among those identified as key beneficiaries are young people, women, farmers and persons living with disabilities.
The President also encouraged prospective applicants to prepare themselves for the bank’s digital application process by ensuring they have the necessary documentation and digital tools.
“We encourage you to get your bank account. Get your digital ID card. Because our country is moving towards a digital future,” he said.
According to the President, the GDB’s role will extend beyond providing financial assistance. Borrowers will also be able to benefit from mentorship, financial management training, entrepreneurship development and extension services.
He described these services as part of a wider support structure intended to help individuals develop their skills while building stronger and more sustainable businesses.
President Ali urged those interested in accessing the financing to begin preparing their business plans, complete the required application forms and participate in the available training programmes.
He said entrepreneurs should view the opportunity as a means of turning their ideas and potential into productive ventures.
“The Guyana Development Bank is an investment in your potential. It is an investment in your future. An investment in your idea,” President Ali said, urging prospective borrowers to make responsible use of the opportunity.
The President’s message comes as the GDB begins its operations with a mandate to broaden access to financing and support the development of small businesses and entrepreneurship across Guyana.