President Dr Irfaan Ali has urged young people, entrepreneurs, farmers, women and persons with disabilities to make full use of the financing and business support now available through the newly operational Guyana Development Bank (GDB).
The bank officially began operations on Monday, marking the launch of a financing platform designed to broaden access to credit and support individuals and businesses seeking to establish or expand their ventures.
Initial services include loans of up to $300,000, with an application process designed to make smaller-scale financing more accessible to prospective borrowers.
At the launch, President Dr Ali urged applicants to approach the opportunity seriously and to understand clearly that the financing must be repaid.
He emphasised that access to credit should be accompanied by discipline, sound financial management, planning and a willingness to learn.
“Take this opportunity seriously. Get involved. Prepare your plan. Be ready. Complete the forms. Go online. Connect with a mentor,” the President said.
He encouraged prospective borrowers to participate in training programmes focused on entrepreneurship and financial management, while also using the bank’s mentorship and extension services.
According to the President, the objective is not merely to provide money but to build a broader support system that helps individuals develop sustainable businesses and strengthen their financial management capacity.
He said borrowers who successfully manage their loans and build a strong credit record could position themselves to access larger financing opportunities in future.
The President described the GDB as an investment in the potential and creativity of Guyanese people, urging beneficiaries to use the financing responsibly and to turn their ideas into viable enterprises.
“The Guyana Development Bank is an investment in your potential. It is an investment in your future, your idea, and your creativity. Make this investment worth it for you,” he said.
The Ministry of Finance explained that once a loan application is approved, the funds will be transferred directly to the borrower’s bank account. Loan repayments will likewise be made through formal banking and financial system.
President Ali stressed that the funds provided by the GDB are loans, not grants, meaning beneficiaries will be obliged to repay the money borrowed.
He therefore encouraged applicants to understand the responsibilities of accessing financing, including dedicating sufficient time to their businesses, maintaining financial discipline and seeking professional guidance where necessary.
The bank’s support framework is expected to combine financing with mentorship, entrepreneurial skills training and extension services, thereby providing borrowers with assistance beyond the initial loan.
The President said this integrated approach is intended to contribute not only to business growth but also to personal development and to wider economic participation.
With the GDB now operational, the Government is encouraging prospective entrepreneurs to prepare their business plans, complete the necessary applications, and engage with the available training and mentoring programmes.
President Ali said the initiative’s success would ultimately depend on how seriously beneficiaries use the opportunities before them and on their ability to turn financing into sustainable economic activity.