Entrepreneurs and small business owners have welcomed the establishment of the Guyana Development Bank, describing the new institution as a significant opportunity for expanding access to financing and support for small and medium-sized enterprises (SMEs).
The Guyana Development Bank Act 2026 was recently passed in the National Assembly and subsequently assented to by President Dr Mohamed Irfaan Ali on Thursday, officially bringing the legislation into force and establishing the country’s newest financial institution.
For young entrepreneurs, Daniel Prince, owner and founder of Danny’s Business Solutions, the establishment of the bank represents a new pathway to access capital and grow their businesses
Prince said the initiative will provide critical support to young business owners seeking to expand their operations.
Danny’s Business Solutions focuses on stationery retail and printing services, and Prince believes access to financing will allow entrepreneurs to promote their businesses, reach wider customer bases and further develop their enterprises.
“I think that this is a great initiative since it will allow young business owners to access finances to promote their business and better forward it to reach better customer bases for them,” Prince said.
He added that once businesses establish a strong foundation, entrepreneurs can use additional financing opportunities to further expand.
Macy Barclay, another small business owner, said the initiative will assist persons who may not have the collateral traditionally required by financial institutions.
“I think this is very good because some people can’t really afford to give back interest or afford to give back collateral,” Barclay stated.
She noted that the support provided through the institution can help more Guyanese pursue entrepreneurship and contribute to economic growth.
Aspiring entrepreneur Shemaul Agard, who plans to establish a business selling air-conditioning tools and equipment, described the bank as a valuable opportunity for persons seeking to enter the business sector.
The business I’m going into is providing or selling AC tools, and my thoughts on this bank is it’s a very lovely opportunity for most Guyanese because we have no collateral,” Agard said.
Owner of GT Shines, Tyrone Baine, said the financing support provided through the Guyana Development Bank could help him acquire tools and equipment needed to expand his business.
Baine, who previously received a grant from the Ministry of Tourism, Industry and Commerce, said access to additional financing could allow his business to move from a small operation to a larger enterprise.
“The grant is going to be very helpful. A loan from the Guyana Development Bank could give me room to start. I could get my tools, I could get my equipment. It could be a good opportunity for me. I could scale my business from small, starting with the four hundred thousand and then I could maybe work my way up to the ten million,” Baine explained.
The establishment of the Guyana Development Bank forms part of the government’s efforts to strengthen entrepreneurship, expand access to financing and provide greater support for SMEs as contributors to economic growth and job creation.
The bank is expected to provide loans of up to $3 million to SMEs, with the financing offered without interest and without the requirement for collateral, while also providing mentorship and technical support to entrepreneurs.