The launch of the Guyana Development Bank is now weeks away, and with it comes something young Guyanese entrepreneurs have long desired – a genuine financial pathway to turn ambition into enterprise.
On the streets of Georgeotwn, the response has been one of unmistakable optimism.
Shakira Rahaman told the Department of Public Information (DPI) on Saturday that the initiative creates the foundation for young people to become entrepreneurs.
“I think that a lot of the young people these days do not have access to these finances because it is hard for them to get documentation, to get a solid business plan ready…. and with this bank, it is a great initiative,” Rahaman said.
She further added, “It gives entrepreneurs a big boost in getting their business started. I know that young entrepreneurs sometimes sit on an idea, holding out on it because they do not know where to start, but the bank is there to help.”
Ambassador of Guyana to Venezuela, Dr Van West-Charles, opined that the bank can lead to greater participation in the economic growth of the country.
“It is a good initiative seeking to allow young people, middle-aged people…. Women and youths, coming together to form businesses and having access to capital,” Dr West-Charles stated, adding that, “I think it opens the door even more to allow people to participate in the economy the real way, while also creating wealth.”
The Guyana Development Bank will also offer zero-interest and zero-collateral loans as part of its benefits; Arianna Butler praised this initiative.
“I think it is a great idea, so it would not put that much pressure on people, specifically young people…. Zero-interest means that they do not have to worry about getting extra cash to cover that expense.”
The development bank, a commitment made by the People’s Progressive Party/Civic (PPP/C) in its 2025 manifesto, will provide young entrepreneurs, women, SMEs and persons living with disabilities access of up to $3 million in microcredit loans without any interest and reduced collateral requirements.
The Guyana Development Bank is being established to expand access to affordable financing for groups that often struggle to secure credit through conventional banking channels.
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 spurring the growth of businesses nationwide.