More Guyanese are eager for the Guyana Development Bank’s official opening, describing the initiative as an opportunity for aspiring entrepreneurs and existing business owners with viable ideas but who lack the capital or collateral traditionally required to secure financing.
Caleb Ally said the initiative allows small and medium-sized entrepreneurs to access financing on more favourable terms, while also benefitting from mentorship and business planning support.
“I’ve seen that it is a great initiative because it gives small and medium business entrepreneurs an option to play on a level playing field, where they are able to access up to $3 million with no collateral and no interest,” he told the Department of Public Information (DPI).
He encouraged prospective applicants to take the opportunity seriously, noting that having a sound business plan would be important.
Chris Ali, who runs a stall at the Giftland Mall, said the interest-free financing is significant for members of the Muslim community, given the religious prohibition against interest-based transactions.
Ali believes the interest-free loan will “empower our young Guyanese brothers to build our own businesses rather than relying on others. It is one of the best things ever that happened to Guyanese people, and I’m thankful for it.”
Adding her voice, Feliz Robertson explained that lack of capital has prevented many persons from pursuing their business ideas. She said she is looking forward to the facility becoming available.
“I know there are a lot of people who want to get into business, but we have no money; we have no capital,” the popular radio host emphasised.
Robertson, who has worked for others since she was 17, said she is eager about this opportunity and will consider establishing her own business.
DPI caught up with Marna Abrams, who also shared her thoughts on the financial undertaking.
“I think it’s a very good initiative, and it would assist young people who may want to start a business, but do not have the capital.”
The Guyana Development Bank is expected to officially commence operations on October 5. Citizens will be able to go to any central bank to apply.