Aspiring entrepreneurs, small business owners, farmers, creatives and service providers are encouraged to begin preparing their business plans as the government moves closer to establishing the Guyana Development Bank.
The call comes as legislation to establish the local financial institution is expected to be presented in the National Assembly on Friday.
The bank will offer financing of up to $3 million, with no interest and no collateral requirements, making it easier for individuals who traditionally face challenges accessing credit to start or expand their businesses.
To access support through the bank, applicants must present a business idea or business plan, a valid form of identification, and proof of business registration or a willingness to register a business.
Applicants will also be required to meet National Insurance Scheme (NIS) and Guyana Revenue Authority (GRA) compliance requirements. Support will be made available to help prospective beneficiaries meet those obligations.
In addition to financing, applicants will benefit from training, mentorship and support services to improve the sustainability and success of their ventures.
The government is encouraging citizens to use the period ahead of the bank’s launch to refine their business concepts, develop detailed plans and gather the necessary documentation to ensure they are ready to apply when the programme becomes operational.
The Guyana Development Bank forms part of the government’s broader agenda to expand access to financing and create new opportunities for wealth creation and business development across Guyana. It is a brainchild of President Dr Mohamed Irfaan Ali aimed at expanding access to financing and supporting business growth countrywide.