Small business owners have welcomed the Guyana Development Bank and what it means for their businesses’ growth.
The Department of Public Information (DPI) recently spoke to a few small business owners who have been working hard to grow their businesses.
Now, with the Guyana Development Bank, they are looking toward the possibilities.
Owner of 592 Wines, Antwaun Austin, said the bank is another way that the government will support small businesses.
“I’m excited. It’s a good initiative for small businesses, especially like mine, so that we could get access to finance, because that’s the most important and the most scarce commodity, for example, my juice business. I want to compete with most of the giants but to do that we need machines to blow our own bottles and labels and stuff like that.” Austin said.
He noted that with the bank on board, small businesses will be able to purchase the machine, so we can have our packaging done at a lower cost, which means they can compete in the market and even export.
He said a loan from the bank will help his business boost the supply for both the export and local markets
“So, I’m very excited for it, I’m waiting patiently, and I think it’s a very good thing,” he said.
Additionally, Owner of Proppa Wines and Teas, Abigale John, told DPI that she is very excited about the Guyana Development Bank as it will help her grow her business.
“Having the Development Bank now on stream will help me reach not only local markets, but regional exports and allow me to invest more to expand to reach a greater number of people that are in demand of our proper local teas brand,” she said.
She explained that small businesses have never had access to loans because of the number of hurdles. She said they are fully compliant.
“We are NIS Compliant and GRA compliant. All the compliance steps that are required, we are set, just waiting to take it to the next level,” she said.
She stated that her family members living outside of Guyana are also considering returning home so they too can take advantage of the opportunities the new bank provides for small businesses.
“So, me who is here, it’s all about excitement for me, and it has also empowered me to employ more people in anticipation for this…I’m thankful for the Development Bank, and I hope to be one of the first ten that would be issued out,” John said.
Meanwhile, Fay Gilgious Greaves, who owns Jofa Products, also applauded the initiative.
She stated that it is important since she is also interested in accessing a loan from the bank.
She explained that she has prepared herself.
“You need to register and all the rest of it. So, I trust that when it is fully on board, all who are really interested will be fully equipped with all the necessary documentation,“ she told the DPI.
According to Greaves, there are so many other things you can do with the money to improve your business.
President Dr Mohamed Irfaan Ali on Thursday assented to the Guyana Development Bank Act 2026, officially bringing into force the legislation that establishes the country’s newest financial institution and paving the way for thousands of small and medium-sized businesses to access financing, mentorship and technical support.
The Act was passed in the National Assembly last Monday. It establishes the legal, institutional and administrative framework for the Guyana Development Bank to begin operations as a key pillar of the government’s strategy to expand entrepreneurship, stimulate investment and strengthen the productive sectors.