Guyana Development Bank opens doors to new financing for entrepreneurs

The Guyana Development Bank is now operational, marking the delivery of a key government commitment to expand access to financing for entrepreneurs and small businesses across Guyana.

The new institution will provide up to $3 million in zero-interest, zero-collateral financing, creating a new avenue for Guyanese seeking to establish or expand businesses.

President Dr Mohamed Irfaan Ali said the bank is intended to address the financial barriers that have long prevented aspiring entrepreneurs, including young innovators, single mothers, farmers and skilled tradesmen, from accessing the resources needed to start or grow their enterprises.

“This is not a grant; this is your opportunity to earn, your opportunity to build your credit, and your pathway to participate in our national expansion. The Guyana Development Bank is about much more than providing loans. It is being designed as a complete support ecosystem that helps businesses start, grow, and succeed,” he noted.

In Budget 2026, the government allocated an initial $20 billion capital injection, representing the first tranche of the bank’s $40 billion authorised share capital.

Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, who piloted the Guyana Development Bank Bill through the National Assembly and signed the Commencement Order bringing the Act into operation, said the bank’s launch is expected to unlock a new wave of entrepreneurial activity.

“As set out in our manifesto commitment to financial inclusion, this institution is about helping our citizens participate in the formal financial system. SMEs play a critical role in creating and enhancing economic livelihoods, and supporting community-based economic development,” Minister Singh said.

He added that efficiency will be central to the bank’s operations, with the institution expected to process viable applications in the shortest possible time while keeping the process simple and free of unnecessary bureaucracy.

Minister of Tourism, Industry and Commerce Susan Rodrigues said the bank creates a new pathway for entrepreneurs who have traditionally encountered barriers within the commercial banking system.

“Whether investing in ecotourism, hospitality, village commerce, or light manufacturing, the door to financial empowerment is wide open,” Minister Rodrigues said.

She is encouraging chambers of commerce, the wider business community and prospective entrepreneurs to have their business plans and proposals ready, with opportunities extending to ecotourism, hospitality, village commerce and light manufacturing.

Meanwhile, Minister of Public Service, Government Efficiency and Implementation, Zulfikar Ally, is encouraging young people, farmers and small businesses to consider partnerships and consortiums as a way of pooling financing to establish larger ventures.

“I also strongly encourage our young people, farmers, and small businesses to look at forming partnerships and consortiums. When you come together as a group, you can combine these zero-interest loans into substantial capital, allowing you to establish larger, modern ventures in agriculture, tourism, and services that an individual couldn’t fund alone,” he stated.

The bank is designed to go beyond lending, providing business guidance, technical support, mentorship, business development services and capacity-building programmes to help entrepreneurs strengthen their operations and eventually graduate into the wider commercial banking system.

A dedicated mobile platform is also being deployed to facilitate access for citizens in hinterland, riverain and urban communities.

The Guyana Development Bank will be overseen by a Board of Directors comprising Abu Zaman, Chairperson; Kathy Smith, Deputy Chairperson; and Directors James Bond, Sukrishnalall Pasha, Dion Inniss, Nalinie Singh and Dr Praem Rambharak.

With the institution now operational, the Guyana Development Bank is positioned to expand financial inclusion and provide more Guyanese with access to capital and support to establish, strengthen and grow their enterprises.

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