{"id":31440,"date":"2026-08-17T20:47:28","date_gmt":"2026-08-18T00:47:28","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=31440"},"modified":"2026-08-17T20:47:28","modified_gmt":"2026-08-18T00:47:28","slug":"sbb-urges-small-businesses-to-prepare-for-dev-bank","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/sbb-urges-small-businesses-to-prepare-for-dev-bank\/","title":{"rendered":"SBB urges small businesses to prepare for Dev. Bank"},"content":{"rendered":"
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-by NaAsia Bristol<\/p>\n\n\n\n

As Guyana prepares for the rollout of its Development Bank, small businesses are being positioned to access new financing opportunities.<\/p>\n\n\n\n

But the Small Business Bureau says getting the money is only part of the equation. Businesses must also be able to demonstrate that they are ready to receive and manage that financing.<\/p>\n\n\n\n

The Guyana Development Bank will soon open another financing door to small businesses, providing entrepreneurs with access to much needed capital.<\/p>\n\n\n\n

But before you walk through that door, the Small Business Bureau says there is another question that must be answered. And that is, \u201cIs your business actually ready for the money?\u201d<\/strong><\/p>\n\n\n\n

For many small businesses, accessing finance has traditionally meant navigating interest rates, collateral requirements and the challenge of proving that the business is financially viable.<\/p>\n\n\n\n

And as Guyana prepares to introduce another financing option, the Small Business Bureau says some entrepreneurs still have work to do inside their businesses.<\/p>\n\n\n\n

“Many small businesses have some challenges with what we call financial literacy and they have challenges with preparing sound business plans, while many of them have viable business operations, because of poor record-keeping, they are not able to show how viable that business is on paper<\/strong>,” Deputy Chief Executive Officer, Small Business Bureau, Simon Pollard said. <\/p>\n\n\n\n

In other words, a business may be doing well, but if the owner cannot properly document that performance, accessing financing can become difficult.<\/p>\n\n\n\n

Cash flow and business planning are among the areas where entrepreneurs continue to face challenges, and this is where the Small Business Bureau says its role becomes important.<\/p>\n\n\n\n

“We<\/strong> train them in the area of financial management and record-keeping. We train them in things like small business management, all to enhance their skill in their operations so that they will be better equipped to access finance and be better equipped to prepare documents to take to the bank to access the financing that is available<\/strong>,” he said. <\/p>\n\n\n\n

And the SBB says its role will complement the Development Bank, giving entrepreneurs more financing options.<\/p>\n\n\n\n

But preparation should start now. Entrepreneurs are being encouraged to have their business plans, records and documents in order, before financing opportunities become available.<\/p>\n\n\n\n

“They should also ensure that the business is registered so that as soon as the door to the Development Bank is open, they have a proposal ready with all the requirements that the bank is looking for,” he said. <\/strong><\/p>\n\n\n\n

So, as the Development Bank prepares to come on board, the SBB is urging entrepreneurs to get their businesses in order now, so they are ready when the financing opportunity arrives.<\/p>\n\n\n\n



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<\/p>\n","protected":false},"excerpt":{"rendered":"

-by NaAsia Bristol As Guyana prepares for the rollout of its Development Bank, small businesses are being positioned to access new financing opportunities. But the Small Business Bureau says getting…<\/p>\n","protected":false},"author":1,"featured_media":31413,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[350],"tags":[488,370,412,405,1166],"class_list":["post-31440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-488","tag-guyana","tag-ncn-guyana","tag-ncn-news","tag-sbb"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/31440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/comments?post=31440"}],"version-history":[{"count":1,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/31440\/revisions"}],"predecessor-version":[{"id":31441,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/31440\/revisions\/31441"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media\/31413"}],"wp:attachment":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media?parent=31440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/categories?post=31440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/tags?post=31440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}