Citizens have welcomed the establishment of the Guyana Development Bank, describing it as an opportunity to expand access to financing and create greater economic participation.
The institution is being designed to provide affordable financing and support for entrepreneurs. It has been highlighted as a mechanism to help individuals overcome challenges often faced when seeking traditional loans.
Arianna Butler said the initiative would be beneficial to young people seeking opportunities to start businesses and build financial independence.
“I think it’s a good idea, and it’s also a big advantage for people, but it would benefit young people more,” Butler said.
She added that access to more flexible financing could reduce the burden of securing additional funds while establishing a business.
Dr Richard Van West-Charles said the bank would create opportunities for a wider cross-section of society to participate in economic development.
He noted that the institution would allow young people, women, seniors and groups such as cooperatives to access capital and build sustainable enterprises.
“I think it opens the door even more to allow people to participate in the economy in a real way and create wealth for themselves or for a co-op or for a group, and it begins to level the playing field,” Dr Van West-Charles said.
He explained that while Guyana previously had an Agricultural Development Bank focused on one sector, the proposed institution would have a broader mandate to support different areas of economic activity.
For entrepreneur and owner of Melody Treats, Priscilla Blackman, access to financing and business training are among the major challenges faced by small business owners.
Blackman shared that during the COVID-19 pandemic, she and her husband used their savings to start their business after experiencing financial difficulties.
She noted that additional support from the fund would allow her to increase her product line, acquire equipment and expand her operations, adding that her business currently operates at four locations.
Entrepreneur Robin Benn said many Guyanese have business ideas but lack the financial resources needed to start or expand.
She welcomed the proposed financing opportunities, encouraging both aspiring entrepreneurs and existing business owners to take advantage of the initiative.
The Guyana Development Bank will provide zero-interest and zero-collateral loans of up to G$3 million for eligible borrowers. The bill was passed in the National Assembly on July 27.