The newly operationalised Guyana Development Bank is being positioned as a catalyst for a new wave of entrepreneurial and productive activity, with more than G$20 billion budgeted for financing small businesses.

Speaking in an interview on Monday, Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, said the allocation is not simply an injection of capital, but is intended to stimulate sustainable businesses and livelihoods across the country.

Dr Singh said the funding available through the bank is intended to help establish and expand small businesses, while creating a pathway for entrepreneurs to build sustainable enterprises and eventually graduate into the traditional financial system.

“This initiative is intended to achieve a completely new wave of entrepreneurial and productive activity in Guyana. And this initiative is intended to stimulate sustained livelihoods, sustainable and sustained business ventures across the length and breadth of our country,” he said.

The minister stated that the Guyana Development Bank could also play a significant role in reshaping Guyana’s private sector, pointing to the fact that many established companies began as small enterprises.

“The overwhelming majority of medium and large businesses that we see across Guyana and indeed across the world started as a small business. Every small idea has the potential to grow and become a big idea. And so this has the potential to completely transform the private sector landscape,” he said.

Beyond financing, the bank will provide mentorship, training, coaching and capacity building to help entrepreneurs strengthen their businesses and become more competitive.

Minister Singh said the government’s support is intended to be a partnership, but ultimately, entrepreneurs must take responsibility for managing their businesses effectively.

“I want to say to them, you have a partner in this government. We’re going to provide you with all of the support that we can,” he noted.

The Guyana Development Bank is also making the financing accessible through an online application portal, allowing entrepreneurs to submit their applications, track their progress and manage their loan throughout its lifecycle from the comfort of their homes.

While applicants will also have the option of requesting face-to-face appointments, the online platform is intended to simplify the process and make access to financing easier for small businesses across the country.

Minister Singh further encouraged prospective borrowers to develop viable and innovative business ideas and use the financing to create sustainable enterprises capable of generating growth.