The Government is developing a mobile application to make the soon-to-be-launched Guyana Development Bank more accessible to entrepreneurs and small businesses across the country.
President Dr. Mohamed Irfaan Ali announced the initiative during an open discussion with members of the private sector on Sunday, noting that technology will be an important part of ensuring the institution reaches Guyanese beyond traditional banking spaces.
“What we are doing also is creating an app. So, the bank is accessible through technology,” the President said.
The Guyana Development Bank is expected to begin processing loan applications from October 5, and the government assures a simplified application process and support for persons developing business ideas.
The President said the bank will operate at the grassroots level, targeting opportunities in agriculture, tourism, information technology (IT) and other productive sectors, including in hinterland and riverine communities.
Beyond financing, the bank is also expected to provide access to mentors, consultants and facilitators who can help entrepreneurs refine their ideas and connect them with relevant government programmes and technical services.
“So, let us take Region 9, for example.We can take some of the successful people in Region 9 and help them as facilitators for these young people, help them to develop the idea. We have consultants that we will have working with groups on just developing the ideas. Someone may come in with a great idea, but we can make the idea stronger.So, that’s the whole intention, is to use this opportunity to build something that is long-lasting, strategic, strong, and of course, is not in competition at all with the commercial banks,” he explained.
President Ali stressed that the financing is not intended to function as a grant, but as a means of helping entrepreneurs build sustainable businesses and establish credit histories.
“This is your opportunity to earn. This is the opportunity to pay back. This is an opportunity to build your credit,” he said.
The President said the broader objective is to unlock opportunities for young people, women and communities across Guyana while strengthening entrepreneurship and economic participation at the grassroots level.