-citizens anticipate new opportunities

-by Tracey Liverpool

Small and medium-sized businesses across Guyana are one step closer to accessing easier financing after President Dr Mohamed Irfaan Ali signed the Guyana Development Bank Act 2026 into law on Thursday.

The legislation establishes the legal framework for the Bank to begin operations and support entrepreneurship nationwide. The Act which was passed in the national assembly on Monday, creates the legal framework for the Bank to begin operations and support small business development across Guyana.

Eligible entrepreneurs will be able to access loans of up to three million dollars without collateral or interest. The Bank will also provide business planning, financial management and other advisory services to help businesses grow. Ahead of the Bank’s launch, government is conducting public sensitization exercises across the country to educate citizens about the initiative, with many welcoming the opportunities it is expected to create.

Roxanne Bacchus said that this initiative will give life to many business ideas that faced challenges getting started.

“I believe that this is a dynamic initiative because many persons in the linden community have great business ideas however they face challenges in having the ready finance….expand their businesses,” she said.

Petal Dey added, “It is an excellent initiative, the fact that they removed the…collateral.”

Government says the Development Bank is intended to remove long-standing barriers to affordable financing, stimulate entrepreneurship and support the growth of sustainable businesses across Guyana.

The Bank will begin operations with more than US$200 million, or approximately 40 billion Guyana dollars, to support entrepreneurs.

Applicants will need a viable business plan, valid identification and compliance with NIS and GRA requirements, while assistance will also be available to help prospective borrowers meet those requirements.