(Kaieteur News) – The Government of Guyana (GoG) has officially launched its flagship development bank, offering loans up to $10 million for Guyanese looking to co-invest.
In the absence of a physical building, an online platform has been launched where applications can be made to support loans from as low as $50,000 to benefit small and medium-scale businesses looking to startup, sustain or grow operations. See link below:
Government has set aside $20 billion in the 2026 budget, representing the first tranche of the bank’s $40 billion authorised share capital.
To this end, persons seeking ‘quick loans’ up to $300,000 can apply online, using their mobile phones. Requirements include one valid form of identification (ID) such as the National ID card, driver’s licence, passport or E-ID card; a cellphone number; short description of the business and what the loan will be used for and bank account details for disbursement.
Meanwhile, loans higher than $3 million will require additional documentation such as a business registration and Tax Payers Identification Number (TIN), business details and location, market, customers and financial information and details on how the funds will be used.
After an application is submitted online, a GDB credit officer will review the information and notify applicants if more information is required. A letter will then be issued informing the amount, term and installment offered. The letter of offer is accepted and signed online. The loan will then be paid into the applicant’s bank account.
According to the website, persons can view the application status online by signing in. It said each application shows the current status- under review, approved or declined, or loan disbursed- and any action required from the applicant.
Persons who wish to apply physically will be required to make an appointment with a GDB official and can book the appointment online.
Government has assured that Guyanese will not be required to pay interest on these loans as repayment will only include the amount borrowed.
In a statement, the Ministry of Finance said the institution “will dramatically improve the access to and affordability of financing for small and medium-sized enterprises (SMEs), and will unlock boundless possibilities for businesses with credible and viable plans to be established and/or expand with the support of the financing provided through the GDB.”
It added that the bank will help facilitate the growth and expansion in SMEs across the entire productive spectrum.
Concerns were previously raised as the law governing the Guyana Development Bank fails to make hold possible corrupt banking officials to account.
Opposition Member of Parliament (MP), Dr. Terrence Campbell pointed out that while the act stipulates penalties for misleading the institution and leaking confidential information, it makes no provision for charging officials who seek kickbacks for approving loans.
To this end he had suggested changes to include penalties for those who corruptly demand favours in exchange for funding.
“I believe that the government may be relying on other pieces of legislation that can be used but I believe it would be a very good addition to add some clause there to prevent and if happens, to prosecute corrupt actions by bank executives and bank employees,” the MP stated.
Source: Kaieteur News
