The Private Sector Commission (PSC) is working to prepare entrepreneurs and small businesses to access financing through the Guyana Development Bank, with support programmes to help businesses become “bankable.”
PSC Chairman Captain Gerald Gouevia Jr made the comments on Sunday during an appearance on the Starting Point podcast, where he outlined the private sector’s efforts to prepare entrepreneurs to access financing.
Gouevia said private-sector organisations, including the Guyana Manufacturing and Services Association (GMSA), Women’s Chamber, Berbice Chamber, and the Georgetown Chamber of Commerce and Industry (GCCI), are developing business support desks and entrepreneur support programmes.
He explained that these initiatives assist in areas, including business planning, financial planning, supply chain management, compliance and certification.
“We had the mandate to get these entrepreneurs bankable,” Gouveia said, noting that the objective is to ensure businesses are properly prepared to approach the development bank, commercial banks and other financial institutions.
According to the PSC Chairman, entrepreneurs will be able to work with private sector experts to develop business plans and strengthen their financial management before applying for financing.
He said the development bank adds another avenue through which entrepreneurs can access financing, while the private sector continues preparing them to meet the requirements of financial institutions.
The Guyana Development Bank will provide loans to small and medium-sized enterprises (SMEs), including financing of up to $3 million without interest or collateral.
The bank will also work with other local banks to help small and medium enterprises secure financing of up to $ 10 million. Persons are also advised to form consortiums to secure larger loans and open larger businesses.